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How to... Buy shares
Buying shares in a company is relatively easy once you've researched the companies
you're interested in and have a broker or brokerage account to handle your purchase
From How To Do Just About Everything to Succeed, in association with eHow (Collins, £9.99)
Steps
- Educate yourself fully about shares before purchasing them. You can find information about shares and brokers on the internet.
- Determine what you want in a broker or brokerage account. Do you want to meet with someone face-to-face? Will you want to be able to reach someone by phone? Do you require internet access? Is price your only consideration? Do you want to buy and sell only shares, or would you also like to buy and sell mutual funds, bonds or foreign stocks?
- Choose a broker or brokerage firm to purchase the shares on your behalf based on your needs. If you need a lot of advice, begin with a full-service brokerage: the less expensive brokers may not offer advice. If you are fairly confident and want low prices, go for an online broker.
- Contact a broker or firm and request an application. Many firms offer online applications, although most require that you send a payment to actually open the account.
- Deliver a cheque in person if possible to speed up the process.
- Begin buying and selling shares once your account is open.
- Review the statements you receive and re-evaluate your portfolio's performance. Are you moving towards your investment goals?
Tips
Ask friends and colleagues for recommended stockbrokers. If you don't have a personal
recommendation, read adverts in investment magazines, or such publications as the
Financial Times.
An online broker is convenient and fast but can be susceptible to computer glitches. Ask
if you will be able to make trades by telephone if ever necessary.
Warning
Ask brokers to list all fees. Watch out for hidden costs (account transfer, electronic
transfer or handling fees).
It can take a few days to open a brokerage account, so don't expect to be able to trade on
the same day you decide to open an account.
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