Full-Service Firms Will Bring More Spice to Web-Trading War
Investors who have invested online at discount web sites may drop their current service provider and go to a full service firm. Full service firms such as Merril Lynch, Salomon Smith Barney and Paine Webber have entered into the online web trading war. The only catch is, unlike the discount firms; the full service firms offer professional advice. The full service firms have dropped commission rates
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firms still have way to go before putting the discount firms out of business. “The net has empowered people more. They want a lot of choice in financial services,” says Mr. Moszkowski. Nevertheless, discount brokers have recognized the trend towards advice and management as well. They have been stepping up their own offerings as far as advice and other added services. The race is on and will be close for many, many years to come.