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The usual answer is "it all depends. . ." I have never been able to figure out any benefit to me if the broker should hold the certificates.

Do you have a personal business manager who pays all your bills each month? If you pay your own bills, then why shouldn't you hold your own assets as well?

The fees will vary. On-line brokers usually charge heavily to send the certificates. This service means they actually have to do something beyond pushing buttons on a computer. Full-service Brokers should charge very little.

Whether the dividend checks go to you or your broker account are simply a matter of your preference relayed to the stock-holders service office of the corporation. There should be no fee for this.

There is a problem of security and availability which ever way you do it. Brokers can misfile papers and you can forget to get the certificates to the bank box.
The broker will tell you that the certificates are guarenteed and insured, but actually collecting the certificates if the broker goes out of business can be a time consuming hassle. The broker may not have actually purchased them for yoy, rather they may have only made an internal "paper" transfer of stock in that company held in the name of the brokerage. If the broker goes out of business, yes you will get the certificates eventually, but in the meantime you CANNOT sell them and if the price is dropping during this time, you get to eat the loss.

Unhappily, brokerage houses have a tendency to fad away when the market is dropping, not when the market is going up.
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