File this one under astonishing:
I get an email from a client on the Asset management side (We work primarily through TD Waterhouse, but also via Schwab).
Anyway, a new client writes:
"I got a phone call from an Ameritrade person asking what I was thinking about doing with the cash in my accounts. I said that I would be working with a money manager and that I understood the paperwork had been sent to them. (He replied that there was no indication of that on his end).
Incidently, I though it was interesting that Ameritrade was looking to generate business – I’ve never had that with a discount broker before . . ."
Now that is pretty amazing. I can’t ever recall hearing that a discount broker was dialing for dollars.
(Anyone else ever have that happen? Please inform us in comments)
Update: September 16, 2006 10:44am
More of the same:
Charles Schwab Corp., the biggest discount broker by number of customer accounts, said its customers retreated from the markets in August at a faster pace than they did at rival discount brokerage firms TD Ameritrade Holding and E*Trade Financial.
The company, which has 6.8 million active client accounts, said average daily trades by paying customers fell 11% in August from July to 190,800 trades, the second straight month of declines. E*Trade earlier said its customers’ revenue trades were down 7.5% from July, while Ameritrade reported a 7.7% month-to-month decline. Schwab Chief Financial Officer Christopher Dodds said trading has picked up in September amid more confidence.