Who needs a traditional brokerage firm anymore?

[A HERETIC I AM]

2. People who are either unwilling or unable to properly manage a portfolio any more complex...

than a few Mutual Funds and some shares of stock.

The fact is, the vast majority of Americans are woefully unprepared for what you suggest and they either don't have the time or they don't give a shit, not to mention couldn't tell you the difference between a blended fund, a balanced fund, a growth fund or a Christmas fund.


And FWIW, your "charges a 7% commission" statement is, if I may say, ambiguous. 7% of what? Assets under management? Of gains? Per stock transaction?

In some trades, 7% is perfectly reasonable. In other situations, it is highway robbery.

It's all relative.