Full-service brokerages are losing the confidence of their clients, according to new research.
Full-service brokerages are now focusing on retail clients to expand their businesses to wealthy investors.
Insurance Companies Climb; Full-Service Brokerages Tumble
The full-service brokerage model is under assault from direct-to-consumer firms like E*Trade, which rose significantly in the rankings this year.
Wells Fargo & Company (NYSE:WFC) today announced The Gomez Advisors Winter 2001 Internet Broker scorecard awarded Wells Fargo Investments Full Service the #6 ranking in their quarterly review of the nation's leading full-service brokerages
SmartMoney surveyed and researched the 27 top online brokerages and the top 9 full-service brokerages
for their report that appeared in the August 2001 issue.
This past June, the Wall Street Journal and other business publications began reporting that full-service brokerages
, such as Merrill Lynch, Morgan Stanley Dean Witter, Paine Webber and Prudential Securities were planning to offer online services to their investors," said Blake Henry, co-founder of TAHO.
Many see this as a way for the full-service brokerages
to hold onto commissions that they would lose if their investors decided to trade online with a web-only firm.
Finetre Corporation today announced the launch of a new series of indices that measures total sales of annuity products within the full-service brokerage sector.
Finetre processes the orders for approximately 40 percent of annuity sales in the full-service brokerage sector, which yields a statistically-significant sample of current industry data from which the company can model total sector annuity sales with a high degree of accuracy.