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Question
A person can avoid brokerage fees by avoiding the secondary market for munis. However, the inventory of first issue bonds will vary from broker to broker. How can I find a list of brokers who do the most business in the country in first issue munis?
You never avoid brokerage fees.
Even new issues have a concession for the broker.
Those types of lists are only available to block buyers ($1 million and up).
Otherwise, the trick is to find a broker who will work for you and make sure you are "beating the curve" with your purchase yields. I don't really care how much a broker is making if I am buying bonds with a yield that is higher than the current market.
A second alternative would be to research morningstar.com to find a well managed fund that will help you maximize income and minimize fees.
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Questioner's Rating
| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | thank you. I only buy original issue, make sure they are insured, and hold until maturity. This is retirement money and I have been warded off of bond funds because it is possible to lose principal. | ||
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Doug Ingram
Expertise
Fixed income portfolio allocation and strategies for institutional investors. Having designed multi-scenario risk quantification and cash flow projection models for nearly 25 years, Strategic Technical Initiatives can answer your regulatory, SFAS 115 allocation, securities selection, and other questions dealing with yield curve placement and portfolio mix strategies. I write the Bond Market Review on behalf of Commerce Street Capital Management.
Experience
Trading and designing portfolio strategies since 1980.
Education/Credentials
Physics and Differential Mathematics
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