Wondering how to reinvest your maturing Special Savings Incentive Account (SSIA)? If you're willing to risk some of the money on the stock market in an effort to earn a higher long-term return, do your homework on stockbrokers' fees to ensure you're not paying over the odds for their services.

The Irish Financial Services Regulatory Authority this week published its first ever survey of stockbrokers' fees to help consumers choose the right firm for them. The survey found that investors with €10,000 to spend on shares listed on the Irish or London stock exchanges could save as much as €100 if they switched to a cheaper stockbroker.

The cost of investing €35,000 in a stock listed in the US, however, can range from €187 to €545, indicating a potential saving of €350.

The highest stockbroker fees are charged for discretionary services, where stockbrokers make investment decisions on behalf of the client within agreed guidelines. An advisory service entails giving customers advice on what shares to buy or sell, while execution-only services, where stockbrokers simply act on your instructions, command the lowest fees or are even sometimes free on the basis that other services carry a charge.

Stockbrokers are obliged to provide details of their fees, as well as the commission they charge for buying and selling shares, before taking on your custom, according to the financial regulator. Commissions vary from 1.5 per cent to 2 per cent of the purchase or sale value, or the stockbroker may charge a minimum flat fee.

Investors must also pay stamp duty on stock purchases through their stockbroker. Duties amount to 1 per cent of the purchase value of Irish shares, and 0.5 per cent of UK stocks, the financial regulator said. The Government also charges capital gains tax if you earn a profit of over €1,270 during any tax year from selling stock.