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I would like to invest in a stock and use the dividend reinvestment program to add to my holdings. The stock I would like to invest in does not allow direct purchase, so I must purchase it through a broker. I believe when you do this, it registers it in a "street name" so it is not eligible for the DRIP. Would anyone know of a broker (Scottrade/e-trade/etc.) that allows you to convert your stock to Direct registration without charging an arm and a leg?
Most brokers allow dividends to be reinvested but the fees to buy one additional share might be cost prohibitive where as a DRS plan wouldn't have that.
Trying to get 12 stocks that are direct investment if possible, then enroll them into dividend reinvestment program. I have a $1,000 per month to invest. Once enrolled into a company's DRIP....I will make direct investments for more shares. My first four stocks are
HAS...UPS...GSK...LOW
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