Courtney Myers Blog | Nurturing the Stock Broker Partnership: Ways to Build Trust and Work Together | Talkmarkets

Nurturing the Stock Broker Partnership: Ways to Build Trust and Work Together

Date: Thursday, August 30, 2018 10:16 AM EDT

If you’re an avid investor, chances are you have partnered with a broker at some point in the journey. In short, a broker is someone who buys and sells both stocks and other securities within your investment portfolio based on market conditions to help you generate as much from the mix as possible. In return, you pay your stock broker a fee for his or her services.

To that end, establishing a solid partnership with your broker at the onset is critical to ensuring that your long-term journey together is a successful one. It’s important to make sure you work with someone who you trust, who you feel comfortable talking to, and who has the qualifications, credentials and experience required to handle your hard-earned money. So, just how can you properly vet your broker? Then, once you’ve found one, how can you continue to cultivate and strengthen that communication? Today, we are discussing a few ways to do just that. Let’s get started.

Ask Questions Early

Ultimately, brokers are out to form business relationships and earn an income, just like anyone else. To that end, they often have marketing slicks and similar collateral at the ready, looking for an opportunity to form that connection. While it’s helpful to accept those materials and read over them, don’t let them be the end all, be all. Instead, dig a little further. Don’t be afraid to ask as many questions as you need to during the initial interview process.

Are you concerned about risk tolerance? Ask your broker what he or she recommends and the path they usually follow for similar clients. Wondering about the experience and background of a particularly young broker? Ask to see a resume and work history. At the end of the day, this is your money you’re putting in their hands and it’s important that you don’t go into this with doubts or uncertainties.

The way your broker responds will tell you a lot about what it will be like to work with him or her. Is he quick to email you or call you back when you inquire about something? Or, does she take days to get back to you? Are you left feeling as though your questions were insignificant or silly, or does your broker take the time to seriously entertain every inquiry and respond professionally, thoroughly and clearly?

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