| Borrowing |
A crucial consideration in choosing a full-service
broker is how much attention your account
will get. A broker's list of clients is called
the "book of business." A seasoned
broker at a leading firm frequently will
have a "book" of 400 or more clients.
Star brokers can have books exceeding 1,000
clients.
Before choosing a broker, ask about the size
of their book and the amount of attention
you're likely to get. Expect the broker to
be coy about the book size, but you should
be persistent. Unless you will open a very
large account (relative to existing clients)
or trade frequently, you may get lost in
the shuffle.
Also, determine whether your broker works
alone, in a team with other brokers, or with
non-broker support staff. For example, a
team of 3 brokers with a combined book of
600 clients (averaging 200 per broker) is
probably better poised to have enough time
for you than a sole practitioner with 400
clients. |
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Topic contents © Mark Kolakowski and CliqueFriends,
LLC, 2004 |
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