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Question #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.

Next: Question #6