Full-service brokers offer that sort of account at fees of about 2% of assets under management.
They collected information from quarterly and annual reports, and newspapers, but were dependent on full-service brokers.
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To be effective service brokers, CIOs must build skills in product management, product marketing, and customer satisfaction.
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Indeed, thanks to the bull market, the proportion of investors' assets managed by full-service brokers has been growing.
CIOs must prepare from day one to be service brokers who get a great deal and have leverage in future negotiations.
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So far, traditional full-service brokers have resisted using the Internet in any way that would cannibalise their existing offline brokerage business.
Full-service brokers are another option, but relationships within the firm itself matter.
Now that investors can get advice and market information from many sources other than full-service brokers, they are less willing to pay a premium just to trade.
That makes many buyers' agents steer their clients elsewhere either in solidarity with full-service brokers or because they fear a discounter will leave them with the lion's share of the work.
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The full-service brokers are changing too, partly to meet the challenge of Schwab and others, partly because it is harder to get away with the juicy trading commissions they used to charge clients.
CIOs are now, in effect, service brokers.
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So as many as half the full-service firms' brokers will effectively be marginalised.
It said it would continue to have a small trading office in the city employing around 40 people to service its Commercial Brokers department.
Or to put it another way, some investors have been paying brokers for a service they could have for free, if they cut out the middle man and went directly to the relevant company.
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Shares in the 35 suspended firms - which are not traded on stock exchanges - are listed instead on the so-called Pink Sheets electronic quotation service, which does not require brokers to investigate the background of the companies.
And Congress is likely soon to require brokers to report to the Internal Revenue Service and to you not just the gross proceeds of securities sales (as they do now on form 1099-B) but also your cost basis.
Moreover, much of the growth in online trading seems to result from investors doing more trades and keeping less of their money in the bank, rather than from e-brokers gaining clients at the expense of full-service firms.
This new service kicker protects Field from any challenger who thinks Printingforless.com simply brokers excess printing capacity for the cheapest price.
In many ways, Korean brokers still behave like a cartel, all offering the same service at the same price, albeit one that has fallen to a suicidally low level.
Much like Manhattan apartment brokers who resist putting their best properties on a central listing service, PE firms use performance measurements like multiple of investment or internal rate of return that make it virtually impossible to compare one fund against another unless they started the same time and have had similar cash inflows and outflows.
Discount brokers and no-load fund companies generally offer different levels of service.
The full-service firms say that they are confident that the personal advice offered by their brokers, along with the quality of their research, justifies their much higher costs.
In coming years, brokers and banks will likely have to report to the Internal Revenue Service (and to you) not just the gross proceeds of your stock and mutual fund sales (as they do now), but also what you paid for those shares.
Then the Stock Exchange, under pressure from its members mostly small brokers announced plans to set up its own e-broker service by the middle of next year.
Financial services firms that rely on brokers and advisors face a threat from online channels which are accumulating assets faster than full service firms, partly because of the growing popularity of passive investments such as index funds and ETFs, he added.
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