Should I go with smaller wealth management firms?
being that there's a dark cloud over the bigger ones
Best Answer
269 points
stocktraderdan answered one year ago …
I personally suggest you take some investment courses so you could manage your own portfolio. No one is going to care more about your portfolio than you. There are many ways you can begin your education, but that is a whole new topic.
I don't think you should worry about the news covering the large firms. I suggest you find the firm that matches your needs best. I suggest you interview the advisors to confirm your compatibility of their styles and abilities. The best source of information regarding advisors is the Certified Financial Planner website. Here is the link www.cfp.net/learn. Read through it fully before interviewing and making a decision.
Answers
2775 points
Oldman answered one year ago …
Absolutely agree with stocktraderdan, above. I had no choice, many( >30) years ago, I went with Fidelity. But a lot of the smaller firms don't have the breadth of info that the larger ones have...and little tolerance for novices...they make a few pennies on every trade and charge small fees, but their "advice' is meant to help their bottom line...not yours. Fidelity, Schwab, Siebert, etc., are wholesome and don't advise.
None of the larger or smaller legit trading firms have a "cloud". They all carry $500,000 min SIPC insurance/account, in order to be able to conduct trades at the ARCA (SEC - monitored) sites.
