Hi Frank



FM >One thing to remember with discount brokers is that it's not only
FM >the advice/research that you miss out on. The discount stockbrokers
FM >that I'm aware of will take your order either at a price, or at
FM >market. "Full service" brokers will, in addition to providing
FM >research material, be happy to take your order with a few cents
FM >discretion, ie "buy me XYZ at the best you can do today, but not
FM >over $n.nn" (or equivalent on the sell side). And although we
FM >obviously can't say for certain which way the market's moving, you
FM >do get a feel for it and can sometimes make enough difference to
FM >more than wipe out the difference in brokerage from the "discount"
FM >brokers. Or, suggest that the price you want to pay (or get, if
FM >selling) just won't make it and let you make up your own mind to go
FM >above (below) that.

You make a good point, Frank.  I probably should not have mentioned 
discount brokers in my first msg.  IMO they are really only for the very 
experienced investor who knows excatly what he wants to do.

I personally don't use discount brokers and have dealt with Were for all 
my share transactions.  Because of the relationship built up over the 
years I always get good allocations of new floats (eg Woolworths) and a 
deluge of first class research.  I also do an annual portfolio review 
with my advisor, which costs nothing.  If something interesting comes 
along (eg BHP warrants) my advisor will call me to discuss it.  I get 
invites to company presentations so I can learn firsthand what a company 
is up to - plus meet a couple of the managers.

In addition, there are extra services like Cash Trusts and fixed 
interest advice.  If I want to deposit foreign currency, it is all 
sorted out with no fuss.

Over the years I have received benefits from my broker that outweigh the 
money I have given him in brokerage.  I have been fortunate in getting 
an advisor whose temperament complements mine.  Plus, I think there is 
still a place in business for loyalty (two-sided) and friendship.

Rgds

Bob
___
X CMPQwk #1.4X UNREGISTERED EVALUATION COPY

--- Maximus/2 2.01wb