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Here is some of the material I gleaned from the Gomez collection of client
broker reviews. There were quite a few positive comments about Brown, focusing
mainly on the cheap commission cost. Here is a sample of the negative comments.
Note the emphasis on the perceived extreme rudeness and hostility of the Brown
personnel towards customers. I have never been a Brown customer and was
considering it, but must take into account these customer comments.
I would appreciate feedback as to whether clients of other brokerages feel
that they must accept rudeness, arrogance and hostility in return for low
commission rates.
I will put up with the rudeness and hostility in return for the low rates,
if,in addition, the broker is not going to try to rip me off on the fill and
commissions.
Here are some comments, edited for length, from the Gomez site.
65. THE ABSOLUTE WORST........
Ann from Atlanta
January 24, 2000, 12:14:25 AM
Brown is the worst in the business. I now have accounts with 4 companies and
trade often with all of them. Have been with Brown for about one year and have
had unbelievably bad experiences every time I try to do something. I have, on
numerous occasions, entered the same orders with all my companies and
invariably, Brown screws up the order and does not get it filled, when the
others do. And if they finally do get an order filled, it is always much higher
than the other companies. Every time I call them (at least 30 times now), I am
on hold for at least 30 minutes each time. Last week I placed a GTC order at
the beginning of the week, only to find that it was cleared out of the system
two days later when I looked for it. I am closing the account this week...could
go on forever on all the problems.
1 year experience with Brown as follows:
Mark from Seattle from Seattle
January 12, 2000, 01:16:55 AM
..in the trading of a few select stocks - AOL for example typically has a
spread at Brown of about $.50 to $1.00, whereas at Waterhouse the spread is
more like $.25 (I know because I've checked the quotes simultaneously on both
web sites). I therefore conclude that Brown uses inferior market makers in some
instances. Also, I trade JDSU frequently, but recently at Brown I discovered
that the market makers they use were routinely filling only 100 shares
immediately with the rest being filled manually later on at a different price.
37. Steer clear of arrogant and nasty-mouthed Brown & Co....and of bragging
"better-than-thou" writers in this space.
Martin from USA
August 30, 1999, 09:29:27 AM
As the service at Brown & Co. is so completely the OPPOSITE of the good
qualities I've described above, there seems little reason to tolerate them --
or to tolerate a rate of interest on credit balances awaiting investment (cash
in your account) which is a full 2 percentage points or more BELOW what is
easily available at other brokerage firms offering comparably attractive
commission rates.
Brown very cleverly offers a combination of relatively attractive commissions
AND a downright PUNITIVE rate of interest on your money. So, if you're not
invested almost all the time, your money is being severely punished almost all
of the time, and Brown, correspondingly, is making some serious income on your
money almost all of the time -- instead of YOU....
Don't settle for abusive and ignorant jerks. You don't do so elsewhere in your
life, and you have even less reason to do so when YOU are the one paying the
broker's salaries and other bills. In sum, avoid Brown.
31. Part 1 of 2: Avoid Brown & Co., Unless You Think Self-Abuse is Healthy for
You and Your Money
Character and Courteousness Matter, BIG-TIME from Chicago
August 4, 1999, 12:57:08 AM
Having been a Brown & Co. account for around 2 years, I can tell you that the
great majority of its representatives (so-called "traders") with whom we've
spoken are consistent - consistently rude, arrogant, cocky, and, most of the
time, unabashedly disdainful of their customers. The women reps are every bit
as insolent and brash as are the men. We intend to leave the Brown & Co. rats'
nest of brokerage malcontents and misfits very soon.
Brown nearly ROUTINELY overcharges our account. For example, if I enter, and do
not modify, a single order to buy (or sell), for example, 1,000 shares of
Lucent Technologies @ $67, and I receive a report, on the same day, of partial
buys totalling 1,000 shares (say, 500 @ $67, then 300@ $67, then 200 @ $67),
the first execution should correctly be charged their commission, but the
second lot, of 300 shares, and the third lot, of 200 shares, should not be
charged any commission, as these lots were part of the same one order, on the
same side (buy or sell), for the same security, in the same account, on the
same day, and all shares were executed on the same day.
As you can probably guess, that is NOT what happens at Brown & Co. Brown has
been charging additional full Brown & Co. commissions on the additional parts
of the same order. Yes, they have made the necessary corrections of these
ERRORS OF THEIRS if and when I have pointed them out. But their comportment
over the phone makes it clear that they consider such corrections a real
nuisance. And, almost all of the time, they are condescending, snotty
(appropriate imagery), and abrasive. This is UNETHICAL CONDUCT in the context
of a customer's polite calls in which the customer legitimately takes issue
with undeniable, and frequently recurring, firm errors.
16. Brown&Co. cheap for a reason
Matthew from Clearwater,Fl
May 3, 1999, 01:41:26 PM
Brown&Co is a disgrace.Confirmation response time is the worst I've seen.I have
conceled orders and found out 15 to 20 minutes later I own the stock. When I've
called to find out where my confirmation is, the broker has
responded,"sometimes our staff is too busy and can't call it in. They call when
they get the chance". On heavy volume days, hang it up. In the end, Brown ends
up costing you money through opportunity cost. Their web site is slow and
cumbersome along with their rude staff. They lost my business...
12. Brown & Co. is terrible!!
betmerick from Terre Haute, IN
April 22, 1999, 07:51:34 PM
I have traded with Brown for about a year. I turn over 3/4M per month in
trades. The service is terrible from market open until at least an hour later.
You can't log on, find out if you have bought or sold, and sometimes
confirmations are 30 minutes behind!!
It is IMPOSSIBLE to get a broker on the phone in the mornings and to find out
about your account with customer service ...... forget it. I have NEVER gotten
through on the customer service line..... EVER!!!
The brokers are short with you and condecending at times, as well as
belittling.
Not for the active trader
jam from Birmingham, AL
February 4, 1999, 12:52:42 AM
Brown has a good system when it works. Their system goes down at the most
inopportune times. Don't try to trade the first or last 15 mins of the day.
When the system is down, it's a good 20 minutes of holding for a broker. The
fills are real bad so look elsewhere if you are scalping. All this I can put up
with occassionally, but the traders are JERKS, particularly the Atlanta Office.
When they make a mistake they act like you are inconveniencing them to fix it
only after they try to convince you its your fault!
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