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Cheap/Free Stock Trade Site?
Old 11-20-2014, 07:21 PM   #1
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Cheap/Free Stock Trade Site?

I am pondering giving some appreciated shares to younger son who is definitely in a lower tax bracket than I am. This would be a rare event, not more often than once a year and maybe only once period. I have free trades at Wells Fargo PMA but DS has very limited assets and I don't know how he could get these sold cheaply and easily. Any suggestions?

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Old 11-20-2014, 08:42 PM   #2
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Trades at WellsTrade are pretty cheap at $8.95 for the folks who do not have the free trades deal, are they not?

My daughter opened an IRA at Fidelity with less than $500 as a teenager. She paid under $10 to sell shares I gave her, contributed the money from selling to her Roth, then bought ETFs for no commission. Then eventually sold the ETFs for no commission and bought FFNOX.

TDAmeritrade also can be used in a similar way: Sell the gifted shares for a low commission, then buy Vanguard ETFs for no commission.

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Old 11-21-2014, 04:10 AM   #3
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Teach him a lesson, make DS figure it out.
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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Old 11-21-2014, 04:37 AM   #4
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Currently doing this through Schwab. We opened Schwab so shares could be gifted to us from child, who has Schwab accounts.
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Old 11-22-2014, 12:30 PM   #5
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Selling shares over the internet for most brokers is cheap, less than $10.
But why would you be doing this?
Free hand-outs won't teach much other than to do less and wait for more handouts.
Better a young adult learn to earn.
I've seen it with peers, where the parents "helped out" when no real emergency help was needed except to avoid some hardship. Thing about hardship is it really teaches a person values (like the time I did without a car for 6 months and had to bus to work).
The lack of hardship combined with free gifts/money from parents leads to a dependency, lack of motivation, not even bothering to look for a better job.
(one fella no work in 12 yrs, other fella does part-time security guard when parents too slow on the $$$).

However, if its to support a realistic new venture/business or to buy a home then it makes sense.
Maybe I'm just jealous my parents didn't buy me successive cars, help with tuition, or buy me a home....
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