SmartMoney just published its annual stock broker rankings (Note: currently the 2003 survey is posted, the 2004 should be there shortly).
There are now two categories of discount brokers: Premium and Basic. THere was little movement in the premium category year over year other than Vanguard droping from second to sixth and E*Trade making its inagural entry at number 2. Last year it was ninth in the basic category.
The best premium discount brokers:
____2004_________2003
1. Fidelity……….Fidelity
2. E*Trade………Vanguard
3. Schwab……….Schwab
4. USAA………….Quick & Reilly
5. T. Rowe Price..USAA
6. Vanguard…….T. Rowe Price
The basic category was more interesting with OptionsXpress coming out of nowhere to take the number one spot. SmartMoney’s comment, “nearly flawless.”
_____2004____________2003
1. OptionsXpress…….TD Waterhouse
2. Muriel Siebert……..Muriel Siebert
3. TD Waterhouse……Bidwell
4. Ameritrade…………ScottTrade
5. HarrisDirect………..HarrisDirect
6. FirstTrade…………..BrownCo
7. ScottTrade………….FirstTrade
8. Wall Street Access…Ameritrade
9. BrownCo…………….E*Trade (moved to premium)
10. WallStreet*E………Wells Fargo (moved to premium)