Financial Services Industry
Industry: Email Alert RSS FeedWaterhouse to cut trading costs; Follows price cuts by several competitors.(News)
Investment News, September, 2004
Byline: Frederick P. Gabriel Jr. PHILADELPHIA - With archrival Charles Schwab Corp. bending at the knees, TD Waterhouse Group Inc. is moving in for the kill. On Nov. 1, New York-based Waterhouse, a discount broker, will slash trading costs for retail customers with more than $500,000 in their accounts to a flat $9.95, regardless of how often they trade or the type of trade they place.
The company is also getting ready to unveil a dramatic overhaul of AdvisorDirect, its five-year-old adviser referral program. Currently, customers with $500,000 in account assets pay anywhere from $9.95 to $15 per online stock trade, depending on whether the trade is a market or limit order and whether they place a certain number of trades each quarter. On...
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