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Charles Schwab & Co. brings 'start-up'-style disruption to the $20 trillion mutual fund industry by zeroing out free fractional-share trade ticket charges

'We are on the offense at Schwab,' says San Francisco-based CEO Walt Bettinger, who may be leaving his own firm's margins undefended as he hands free fractional shares to friction-free blaze of disruption.

Author Oisin Breen October 22, 2019 at 3:48 AM
no description available
Walt Bettinger: I'd suggest it will play an important role in our company's future both on the retail side and potentially on the RIA channel.



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Peter Giza

Peter Giza

October 22, 2019 — 1:51 PM
Brooke/Jason, Can we get some data on this comment? "For the typical RIA it will cost 10x more for the software than the savings over ETFs and whole shares (unless the software is free)" Inquiring minds... Pete Pete Giza | CPO | AdvisorPeak
Ron A Rhoades

Ron A Rhoades

October 23, 2019 — 3:00 PM
Schwab reported $139 million in order-flow revenue in 2018, according to one recent article I read. It has always seemed to me that "payment for order flow" prevents best execution from occurring, and is a practice that should be banned by the SEC. Perhaps someday payment for order flow will be banned, as it is a non-transparent cost that investors don't understand and interferes with BD's duty of best execution. Then commissions for trading would return, although bid-ask spreads would decline at the same time.

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