Muriel Siebert Review (2024)

Item: Muriel Siebert
Rating: 2
Author: Chad Morris

Muriel Siebert Overview

Muriel Siebert is a brokerage firm based in New Jersey, offering a wide range of financial services. However, these services can be quite costly. Here are the details:

Muriel Siebert Commissions

Investments	Commissions
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 regulated by FINRA, SIPC, and the New York Stock Exchange and is part of Siebert Financial Corp, which is listed on Nasdaq. The firm has been registered with the SEC since 1969, making it a well-established entity.

Available Account Types

Siebert offers a variety of account types:

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

All accounts, except stock plan accounts, can be either self-directed or managed. Old employer plans can be rolled over into an IRA.

Opening an account is straightforward with Siebert’s online application process. An email address is required, and a mobile phone with a camera is useful for uploading a photo ID.

Financial Products

Siebert offers these asset classes for trading:

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

In addition to trading assets, Siebert also offers various types of insurance through Park Wilshire Companies, including:

Personal property
Life & disability
Commercial
Annuities for retirement

You can get free insurance quotes through an online tool on Siebert’s website.

Margin Trading

Siebert allows self-directed accounts to borrow money for buying securities. This service has associated costs, with interest rates starting at 4.75% and decreasing to 3.5%.

siebert brokerage

Account Management

Siebert provides portfolio management for those who prefer not to manage their investments themselves. Available in traditional and automated forms, these services include:

Traditional management offers the same investment options as self-directed accounts, excluding options. Siebert’s financial advisors can assist with various financial planning needs.

The automated service, SiebertNXT, requires a minimum of $5,000 to start and charges up to 1.25% in fees, depending on the service level. It uses Modern Portfolio Theory to guide investment decisions, focusing on ETNs and ETFs, and automatically rebalances portfolios based on an initial questionnaire.

A hybrid model called SiebertNXT Premiere combines robo-advisory with human financial advice, requiring at least $25,000 to participate.

Muriel Siebert Fees

Trading costs at Siebert can be high:

Stock and ETF trades cost $14.95 each. Using a live agent for trades does not incur additional fees.

Foreign stock trades include a $75 surcharge. Options are more costly, with a $15 base charge plus $1 per contract.

Mutual fund transactions cost $35, but some funds are exempt from this fee.

Siebert also charges annual maintenance fees: $50 for taxable accounts and $30 for retirement accounts, with ways to waive these costs under certain conditions. Closing a retirement account incurs a $125 fee.

Paper statements cost $25 each.

Customer Service

Customer support is available via phone on weekdays from 7:30 am to 7:30 pm EST. Siebert also offers email support and has several offices across the US.

siebert investments

Miscellaneous Services

Initial Public Offerings: IPOs are available.

Extended Hours Trading: Includes pre-market and post-market sessions, extending trading hours to 12 hours daily.

Fractional Shares: Not available.

Periodic Mutual Fund Investing: Recurring mutual fund investments are possible.

DRIP Availability: Dividends can be reinvested into additional shares.

Cash Management Features: A $100 annual fee applies to the Visa debit card linked to brokerage accounts.

Our Recommendations

Long-Term Investors and Retirement Savers: Siebert could be suitable for long-term planning, but Charles Schwab offers better services.

Beginning Investors: Managed accounts at Siebert are good, but Charles Schwab offers free services.

Small Accounts: Due to high fees and minimums, Siebert is not recommended for small investors. Robinhood is a preferable alternative.

Mutual Funds: Siebert’s fees make it less attractive for mutual fund investors. Firstrade offers a no-fee alternative with a wide selection.

Active ETF and Stock Trading: Siebert’s lack of advanced trading tools makes it unsuitable for active trading. Webull, offering zero commissions and comprehensive platforms, is a better choice.

SiebertNet Brokerage Verdict

While Muriel Siebert offers solid traditional financial management services, it falls short for active trading due to outdated software and high fees, making it less ideal for self-directed trading.

Find a Financial Advisor

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Updated on 7/19/2024.

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.