Searching a Good Broker

Searching a good broker can seem like searching for a needle in a haystack, because there are so many vying for the same business. However, a few basic tips and guidelines can help you find the right person to suit your specific needs and goals. While it may take some time and a bit of patience, locating a broker to help with your mortgage or investments doesn’t have to be an overwhelming task.

Determine what your exact needs are in a broker. Obviously, brokers who deal with stocks are different from mortgage brokers, but there are more defined types within those categorizations. Are you looking for a Forex investment broker for currency trading or a broker to trade stocks and bonds? If you are seeking a freight broker, are you specifically interested in trucking? While this may seem a bit obvious, knowing exactly what you are looking for before you set out will help in your search.

Ask friends and family if they know a good broker who does what you are looking for. Chances are, somebody you know has a broker whom the person thinks is doing a good job. You will still have to set up a consultation, but a referral from a trusted friend or family member can be helpful.

Set up a consultation with a broker whom you are thinking about hiring and discuss your personal needs. Make sure you ask for documentation of the broker’s certification and state licenses, as well as his experience in the field. If you are hiring a freightbroker, you also need to discuss the commission rates and flat fees as well as the broker’s typical investing strategy.

Check your potential broker’s background on the Financial Industry Regulatory Authority’s website, which lets consumers look up the background of any broker or brokerage firm, including any judgments or liens.