ABSTRACTFor the purpose of this research investors are treated as consumers and criteria are established for their selection of particular brokers or brokerage firms, thereby providing criteria on which investors in the stock market can also be segmented. This research included a study of investors' selection criteria, which are indicators of service quality such as reliability and credibility, research ability and supply of information, as well as level of commission. Initially a sample of 13 brokerage firms were interviewed. Then a mail survey was conducted, resulting in a return of 252 usable questionnaires. From this, four segments of investors emerged, indicating that they seek different benefits according to their demographic and self concept and perceived risk. These segments could provide target markets and guidelines for attracting new customers.