Brokers go independentAmey Stone
Now that so many traditional stock brokers charge an annual fee based on assets under management for their services (rather than a commission on stock or mutual fund trades), a lot of them are deciding to go it alone. All they need to do is quit their day job, register as an investment advisor, sign up with a firm like Schwab, Fidelity, or TD Waterhouse that will act as their custodian, trader and back office, and get their clients to transfer their accounts. Presto, they are in business. (Okay, it's not that easy, but it's not that hard either).
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.