Muriel Siebert rating

Muriel Siebert Review


Muriel Siebert Overview


Muriel Siebert is a brokerage firm operating out of New Jersey. Although it does offer a large range of financial services, some of these come at a steep cost. Here are the details:


Muriel Siebert Commissions


InvestmentsCommissions
Stocks and ETFs $14.95 per trade
Options $34-$370
Mutual funds $35
Corporate Bonds 100 bonds or more - $2.50 per bond, from 50-99 bonds - $3 per bond, up to 49 bonds - $3.50 per bond; $35 minimum commission for listed corporate bonds
Foreign securities $75 + commission

Investments stocks, bonds, mutual funds, options, ETFs
Muriel Siebert minimum deposit to open account $0


Insurance and Regulation


Muriel Siebert is a member of FINRA, SIPC, and the New York Stock Exchange. It is owned by Siebert Financial Corp, whose stock trades on the Nasdaq. Muriel Siebert has been registered with the SEC since 1969, so it is not a new brokerage firm by any stretch of the imagination.


Available Account Types


Siebert currently offers the following account types:

  • Individual
  • Joint
  • UGMA/UTMA
  • Trusts
  • Personal IRA (Roth and Traditional)
  • Small business IRA (SEP and SIMPLE)
  • Individual 401k
  • Stock plan accounts

These accounts (except the stock plan account) can be opened in either self-directed or managed form. An old employer’s plan can be rolled over into an IRA.

To get an account open, Siebert has a user-friendly online account application. An email address is required during this process, and a mobile phone with a camera is helpful to upload a copy of a government-issued photo ID.


Financial Products


Siebert offers the following asset classes for self-directed trading:

  • Stocks, including some foreign equities
  • Options
  • Bonds, including FDIC-insured CDs
  • ETFs
  • Mutual funds
  • United Investment Trusts (UITs)
  • Structured Products

Besides tradable assets, Siebert also offers insurance through Park Wilshire Companies, a wholly-owned subsidiary of Siebert Financial Corporation. Available choices include:

  • Personal property
  • Life & disability
  • Commercial
  • Annuities (which can be used for retirement)

Siebert’s website has an online tool that delivers free quotes on its insurance products.


Margin Trading


Self-directed brokerage accounts at Muriel Siebert can borrow money to buy securities. Doing so naturally comes with a cost. Currently, the brokerage house charges interest on a tiered schedule. It starts at 4.75% and drops to 3.5%.


siebert brokerage


Account Management


And then there’s portfolio management. This is always a good option for investors who aren’t comfortable making their own financial decisions. Siebert offers several packages for investment-advisory customers. They are divided into two basic categories: traditional and automated.

Traditionally-managed packages come with the same selection of securities that self-directed accounts can invest in, minus options. Siebert has financial advisors who can help with all sorts of issues, from retirement to building an emergency fund to saving for college.

Siebert’s robo management is called SiebertNXT. The program has a $5,000 minimum starting balance and costs up to 1.25%, depending on the features selected. SiebertNXT uses Modern Portfolio Theory to make trading decisions. The software program trades only ETNs and ETFs. Like other robo programs, exact investments are chosen based on answers to an online questionnaire. SiebertNXT automatically rebalances accounts.

It’s possible to attach a human financial advisor to the service to create a hybrid system. This is called SiebertNXT Premiere and requires a balance of at least $25,000.


Muriel Siebert Fees


Investors who choose to go the self-directed route will find themselves paying quite a bit for Siebert’s services.

Every stock or ETF trade is $14.95, which is quite bit in an era where most brokerage firms have dropped all the way to $0. But there’s no additional charge for using a live agent over the phone to place a trade.

Siebert’s commission is valid for any number of shares with no surcharges. However, foreign stocks have a surcharge of $75 on top of the regular commission.

Option trades are even more expensive. There is a base charge of $15, and then there’s a $1 per-contract fee.

Mutual funds that have transaction fees cost $35 to trade. The brokerage firm does have some funds without transaction fees.

And then there are account fees. Taxable accounts have a $50 annual maintenance fee. It is negotiable and can be avoided in various ways. The most common will be by placing a minimum number of trades each year. An account balance above a certain level may do it, too. Siebert customers should verify the policy for each account they have with the broker.

Retirement accounts have a $30 annual maintenance fee. This one can be avoided with a balance of at least $10,000. Any retirement account that is closed is assessed a $125 termination fee.

A paper statement from Muriel Siebert is $25.

An investment account with Muriel Siebert can be opened with any deposit or no deposit at all.


Customer Service


Muriel Siebert clients can reach a company representative over the phone anytime during the week from 7:30 am, EST, to 7:00 pm. The trading desk stays open an extra half hour. There are no weekend hours.

The broker’s website has an email form that can be used by both clients and guests. There’s an email address, too (service@siebert.com).

There are 14 Muriel Siebert offices located in the United States. Most of them are in Florida, the Northeast, Texas, and southern California.


siebert investments


Miscellaneous Services


Initial Public Offerings: IPOs are available with a Muriel Siebert account.

Extended Hours Trading: Pre-market and after-hours trading are both available at Muriel Siebert. Including the regular day session, the total trading time is 12 hours (8:00 am, EST, until 8:00 pm).

Fractional Shares: Not available with a Muriel Siebert account.

Periodic Mutual Fund Investing: It’s possible to establish recurring purchases of mutual fund shares at Siebert.

DRIP Availability: Dividends from equities can be reinvested as additional shares inside a Siebert account.

Cash Management Features: Muriel Siebert has a Visa debit card that can be attached to a taxable brokerage account. The downside is that it costs $100 a year.


Our Recommendations


Long-Term Investors and Retirement Savers: With Siebert’s retirement accounts, financial-planning services, and robo program, it would be a decent option for long-term savers. But TD Ameritrade is better.

Beginning Investors: A managed account with Siebert would be a good route to take, although Ally Invest is free of charge.

Small Accounts: With Siebert’s long list of fees and minimums, we do not recommend it at all for small investors. TD Ameritrade would be a much better choice.

Mutual Funds: Because of Siebert’s transaction fee on some mutual fund trades, we don’t suggest it. Firstrade has no mutual fund transaction fee. It also has thousands of funds.

Active ETF and Stock Trading: Without advanced software, Siebert is not a good choice for frequent equity trading. A better idea would be Tradestation, who offers $0 commissions and multiple trading platforms.


SiebertNet Brokerage Verdict


Muriel Siebert has some really good old-school financial management services. But for frequent trading, the company simply doesn’t have the necessary software to compete with other brokers. Combined with excessive fees in a variety of situations, Siebert is far from ideal for self-directed trading.


Muriel Siebert Promotion


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Updated on 5/30/2022.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.