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Online Brokerage Industry:

Re-Emergence After the Financial Crisis

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    Date Published: December 2010
    398 Pages

    The purpose of this report is to provide readers with an initial understanding of the online brokerage industry as distinct from the broader discount brokerage business. This report addresses the online offerings from discount brokerage firms, online-only firms, & direct access brokers (as well as the consumer direct offerings of some no-load mutual fund companies), with specific attention being paid to the big five firms (The Charles Schwab Corporation, Fidelity Investments, TD Ameritrade, E*Trade Financial, & Scottrade). This is the third draft of Tiburon's research on this topic.

    Tiburon's first draft of this report was published in 2000; that draft consolidated prior Tiburon research into one report. That draft also bundled online brokerage with online tools & advice, online banking & mortgages, & online insurance; it focused primary on developing an organized structure for the report and establishing profiles of the hundreds of complex online financial service companies.

    Tiburon's second draft of this report was published in 2006; that draft updated many of the findings since the internet revolution had faded and this industry was left for dead.

    This is Tiburon’s third draft of this report; this draft unbundles Tiburon's equally thorough online tools & advice, online banking & mortgages, online brokerage, & online insurance research reports, as well as its discount brokerage business research report. This draft also tightens the report storyline, coordinates it with the findings from other Tiburon research reports, and adds substantial details to the profiles of core Tiburon clients, including The Charles Schwab Corporation, Fidelity Investments, & TD Ameritrade.

    Written by Tiburon Managing Principal Chip Roame & Senior Research Manager Pablo Perez

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