New survey results will be out in the next few weeks. Some broker rankings rely heavily on online reader-based surveys and tap investors who fit a narrow profile. Barron's rankings, published on Mar. 13, offer valuable insights into the top online brokers, especially in its long article accompanying the rankings. But the methodology is suspect. If you fit that profile, maybe National Discount Broker is right for you.
Investors have a wide range of needs and interests.
And while existing broker ratings may attract readers and advertisers, they don't meet investors' needs. Here's what I think would define an authoritative source of information on brokers. Most surveys focus on online discount brokers, but the industry is rapidly changing. Future rankings should review both the cyberbrokers and their full-service rivals. They should look more closely at the quality and pricing of broker advice, as well as the availability of additional financial management services, such as banking, checkwriting, and financial planning.