The state asset sales programme has pulled a horde of brand new investors into the sharemarket.

The first float of Mighty River Power lured an estimated 77, fresh faces, and that number will probably end up closer to , once the other assets have gone under the hammer.

The Government deliberately made it as easy as possible for average Joes and Janes to get a piece of the action.

When they want to either sell their stake or start investing in other companies, they'll need to enlist the services of a broker. There are at least 19 different firms to choose from , each with their own strengths and weaknesses. The cheapest by far are the online discount brokers, such as ASB Securities and ANZ subsidiary Direct Broking. The amount of "brokerage" you pay depends on the size of the transaction- for example, ASB charges 0.

Full-service brokers charge a lot more - usually in the range of It might seem like a no-brainer to go with the cheap option, but there's a lot more to it.

As with anything else, you get what you pay for. Direct Broking clients can access basic company information and a Reuters consensus opinion on whether to buy or sell certain companies, but that's it.

Meanwhile, full-service brokers have dedicated teams of analysts producing research for their clients. One of the largest firms, First NZ Capital, writes research reports on New Zealand, Australian and global companies, as well as market summaries and regular publications.

If you're looking further afield than New Zealand companies, you'll want to choose a broker that has good relationships with foreign research houses too. Craigs Investment Partners, for example, has ties with the likes of Deutsche Bank and other firms in the Britain, US, and Australia. It's a similar story with other local brokers - First NZ Capital has a strategic alliance with Credit Suisse, while Forsyth Barr's partners include JP Morgan and UBS.

When you're ringing around your shortlist of potential companies, be sure to ask what relationships they have.

Brokers firms' connections can also help them offer up potentially juicy new investment opportunities. Discount operators can get you access to debt issues and high-profile new floats, but you won't get a look-in to the more exclusive deals. It's worth noting that unless you're wining and dining your broker on the regular, you're not automatically going to be offered any sweet deals.

The juiciest offers will always go to the biggest and most valuable clients first, with anything left over thrown to the smaller players.

Some clients do their own research, some are first-timers, and some get their advice elsewhere. At a full-service broker, Authorised Financial Advisers give clients guidance through either generic "class advice" or personalised help. Some will help design a portfolio of investments, where clients are charged an annual fee on their funds under management FUM.

That fee tends to fall into the Taking advice does add another layer of cost, and unless you have a high net worth, some brokers simply won't want to take you on as a client. That makes sense for everyone involved, because if you don't have much cash you're going to burn through your investments in FUM fees or brokerage anyway.

An unfortunate side effect of the new rules around giving financial advice is that it has become harder for small-time investors to get help. Forsyth Barr head of private client services Shane Edmond says the firm has tried its best to keep fees down. There's a danger that will force people who need advice the most into striking out on their own. Discount brokers are a great option for those who do their own research, want to flick off a one-off trade, or have so little money that the big firms aren't interested.

For most people, a full-service broker is almost certainly worth paying for. First NZ Capital - This article is of a general nature only and is no substitute for personalised financial advice. Disclosure statements are available on request.

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