10 Reasons Why Sharebuilder is NOT it

10. Their support response has improved but again I am rendered helpless when seeking information and solid explanations as to why something has happened that I did not authorize.

09. Oh, did i mention that a transaction made without my final authorization cost me a good bit of change.

The First Incident: I set out to buy a couple thousand shares of GRA @ .75, this was set to roll out. Well, I had both GRA (Grace W.R. & Company) and XYB ( now XYBRQ known as XYBERNAUT Corporation) set to go to my plan. GRA was set to roll out first (this was authorized and added to the plan) not XYB. Needless to say some pinhead at Sharebuilder processed XYB instead (not authorized to go out). GRA is now trading at $20 a share and a few months ago it was trading at nearly $30, a $60k profit.

When asked what the hell did they do, the pinhead turned it all around on me and blamed me for making the transaction and got all bent out of shape. I was prepared to purchase my plane ticket to visit him at his office but he wouldn't give me too much of that info nor would his supervisor.

08. They hook you in with the $4 trade garbage, and then force you to pay $15.95 to sell your dieing stocks


07. If you set a limit to sell your stock be prepared to make a few bucks less then what you are expecting to make. When asked again 'WHAT THE HELL?' I got a basic out the book response of how stocks work, this i already knew but i did make sure to thank the guy for refreshing my memory of how stocks worked and for costing me $100.

06. They are not as fast at processing orders as their competitors. An order placed Monday will process Tuesday at 12pm if you're lucky. Usually by then the price of your stock has already gone up a few points if you are buying the stock on sale that fluctuates. NOT THE FASTEST GUN IN THE WEST, that's for sure.

05. Be prepared to pay up if you are attempting to switch your portfolio to another broker, that's if they are willing to work with you to do so.

04. They will call you until your phone dies about offers that you are not interested in... Yes, until your phone literally dies

03. The site tends to go bonkers every once and a while and you will not be able to sign into your account. Pages seem to go missing in mid click.

02. If you ask for a manager, make sure it's a manager and not the same pinhead disguising his voice. This is true and has happened twice.

01. Because the $4 a trade is a joke and there are other brokers that are more willing to meet your needs with FASTER processing times.

What are your experiences with Sharebuilder? What are some good brokers to consider?

I have one of my portfolios that is beginning to get some good attention at Sharebuilder and I'm seriously looking for another brokerage firm to move it to.

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2 Responses to “10 Reasons Why Sharebuilder is NOT it”

  1. Stan Barkley 22 August 2007 at 8:51 pm Permalink

    If you don’t like sharebuilder, why do you advertise them on your blog page?

    Your point #6 above is silly- you miss that the $4 trades are for recurring automatic investments that happen every tuesday morning, no matter what day you set it up. very different from market trades done real time (those happen in under a minute in my experience).

    Sounds like you should go to zecco, their trades are free and they like servicing really small accounts.

    • Blog Money 22 August 2007 at 9:44 pm Permalink

      It’s a joke about the ‘$4 stock trades’ advertising and to see how many people actually read a post without paying attention to the flashy banners, ect. to be honest with you… I’m glad that you caught it though…

      Yeah the $4 trades are for recurring automatic investments and no you can still pay $4 for trades and not have automatic investments, so you’re right and wrong at the same time. All you have to do is turn it on and off every time, otherwise it will continue to buy more of the same stock at the set price that you setup weekly, monthly, ect. not very convenient if you forget to change it. You read #6 but forgot about #8… $16 market trades? To make a significant profit you would have to buy and prey that it continues to go up just enough so that you can break even.

      What is this Zecco? I’m interested… Yeah i moved one of my bigger accounts over to Scottrade and for another i have a private broker. However, I’m not to keen on keeping my private broker so I’m on the prowl to find something better. A buddy of mine just had his broker go MIA with $95k cash of his money and the firm won’t even return his calls (it’s been 3 weeks already).

      cheers.


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