I've been with ST for years and it is pretty ridiculous how many times they put stocks on their restricted list. I don't think any broker should tell you how to spend your own money. If they are gonna do that they should also let you sign a waiver to get around that dumb rule. It shouldn't be mandatory.
But, I've stuck with them because I like the rest of what they offer, especially their executions. They're really good. Today for instance, I bought some stock and MM's gave me a partial fill and then up ticked it. Most brokers you're pretty much stuck unless you change your order and pay another commish, but about 5 to 10 seconds after the first partial I got, the rest of my order filled, and it was at my price I offered even though that wasn't the price on the ticker. That's pretty good in my book.
The way I handle a restricted stock is pretty easy. One of the brokers in my local branch actually told me how to do it a long time ago. They aren't fond of the restrictions either BTW but the decision comes from higher up. Anyway, what he told me to do was just call in the order and place it at a price I know won't execute, like way below the ask. Once the order is in the system I can then manage it from my computer. So when I get ready to buy I already have my trading screen up and I just change the price to what ever the ask is and voila, trade executed! Been doing it that way for years and it's never caused me to lose money by having to first call in an order. They are very fast on the phone. They understand time is of the essence so they enter the info as fast as I can say it to them. It's VERY easy to do.
It's important to me to have a branch office I can go visit if I ever have a problem with my account and want to talk to someone face to face about it. That's something you don't get with internet based brokers. ST is also super reliable. In all the years I've been trading I have never had an instance where they were down. I read posts on trading boards all the time from ticked off people that are fuming because their brokers system is down. Seems like E trade has issues a lot of some sort or another. That is far worse than having to call in an order. A situation like that would cost you money and perhaps a lot of money if the stock you want to buy is on fire but you can't get in because their systems down.
So that's how I deal with the restricted stock situation and like I said, been doing it that way for years. But I realize that may not be for everyone. But I think Scottrade brings enough to the table in other ways as far as quality service goes to make having to perform a small work around to trade a restricted stock no big deal for me.
Just sharing how I deal with it, not trying to talk you in to anything. You have to decide what's best for you. I only wanted to let you know there is an easy way around the restriction until you decide what you will ultimately do.
Good luck with it bro in what ever direction you choose!!!!
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