Wall Street's Frenzy Over Fees

Flat charges are in as the big firms try to trump Schwab

Wall Street's fierce grab for the online customer catches most of the attention these days. But there's another, even bigger battle going on among the major brokerages: to woo investors into accounts that offer unlimited trading for one flat fee, based on the dollar value of the assets in the portfolio. Merrill Lynch, Morgan Stanley Dean Witter, Prudential Securities, and Salomon Smith Barney are heavily promoting these accounts, betting that newer and younger investors would rather pay a flat fee than punch the broker's ticket every time they trade.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.