Every family should own a portfolio with two parts: Core and Explore parts, and you can construct both parts with ZERO trading costs, thanks to two innovative financial service companies we will recommend below.
Build the Core Part of Your Portfolio Free
This should be majority of your investment, tied to low cost index funds, well diversifed, and you should contribute to it consistently (in other words, use dollar cost averaging method).
We recommend Wisebanyan as the service provider, it is a company that provides financial advisor service and helps you build such a core portfolio, FREE!
Wisebanyan will ask you a series of questions to determine your risk profile, in the end you will get a risk score. Based on this risk score, it will help you construct a low cost well diversified portfolio, and rebalance it every month. For all of these activities, you pay NO cost!
Build the Explore Part of Your Portfolio Free
If you still have some money left and want to be speculative, you can construct the "explore" part of your portfolio, in a no-cost way, by utilizing the start up Robinhood's service.
Robinhood is a ZERO commission stock brokerage house that is shaking up the financial service industry. Unfortunately, it has a long waiting list right now, so get your name in the line now!