…have all of the services you previously divided between a bank and a full-service broker under one roof, with analyst recommendations and advice included.

5. Do you want to use your discount broker for advice?

Discount brokers used to be mere order-takers. Not so anymore. Today’s discounters offer a wealth of tools to help you perform your own stock research, generate investing ideas and develop a financial plan.

These tools range from simple stock screens, quotes and access to Standard & Poor’s research reports to proprietary analysis tools and independent advice from Wall Street experts.

Fidelity, for example, has an analyst recommendation tool that shows you not only what expert analysts recommend, but also how those analysts have performed over time.

E*trade has analyst research from seven independent sources. And TD Ameritrade has an in-house investment strategist that provides weekly commentary, and an online, real-time forum with access to Wall Street experts.

Other firms, like TradeKing and Zecco, offer robust trading communities to help you select securities and advise you on when to make trades.

6. How comfortable are you with the discount broker’s web site?

The reason most discount brokers can cut their commission to $10 or less is because they’re relying on you to trade online. Therefore, it’s important that you’re comfortable with the web site.

If you find the site difficult to navigate, it doesn’t matter how low the commissions are, you won’t be satisfied.

Likewise, if the site goes down frequently or gets jammed by frequent trading activity, or if your own Internet service provider is unreliable, you may want to look for a discount broker with multiple trading platforms available, whether that means telephone, broker-assisted or handheld wireless device trading.

No Need for Full-Service Brokers in Today’s World

Although discount brokers will never offer you the one-on-one relationship you get with a full-service broker, today’s discounters offer enough services to come pretty darned close—and at a cheaper price, too. (See also: “Do You Need a Full-Service Broker?”)

Plus, you don’t have to worry about a discount broker pushing the latest company-recommended stock on you, as you would with a full-service broker.

Just be sure to shop around to find the discount broker that meets your needs best.

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