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Schwab launches biggest RIA-targeted price war in years -- but TD and Pershing say they won't play along

In what may be a prelude to commission-free RIA custody era, Schwab eliminates equity and ETF commissions for all new clients for a year; Fidelity says it is still cheaper

Friday, July 1, 2016 – 8:25 PM by Lisa Shidler
Admin:
2 Comments
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Evan LaHuta: Is it reasonable to offer this type of discount for new clients, but not your long-term valuable existing clients?

Bernie Clark

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Tim Welsh

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Stephen Janachowski

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Evan LaHuta

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Charlie Latimer


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Mentioned in this article:

LPL Financial
Asset Custodian
Top Executive: Dan Arnold

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh




Teresa Vollenweider

Teresa Vollenweider

July 3, 2016 — 8:09 PM
“The problem is this is a retail offering and these don’t work well in business-to-business for the professional advisor. Advisors would prefer free merchandise. They don’t care about free trades. There’s no real substance to moving the needle here.”

What is meant by “free merchandise?”

Bill

Bill

March 3, 2017 — 5:48 PM
Because Schwab, TD Ameritrade and Pershing receive cash payments from High Frequency trading firms to direct order flow they do not need to charge a customer for the trade at the front end. This should have happened long ago when HF firms began directed trade payments years ago. Read "Flash Boys" by Michael Lewis, he explains the ruse in great detail.

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