The Retail Brokerage Industry

Paper Summary:

This paper asks if the retail financial securities brokerage will survive past 2010 and answers "yes" but with the qualification that the industry will become segmented. The author believes that the full-service brokers will serve primarily wealthy customers and the online brokers will serve the cost-conscious lower income investors. The author recommendations that on-line brokers be trained to service adequately personnel accounts and to adopt meaningful ethics policies and that full-service brokers redefine their target markets and realign their strategy to address these markets.

Table of Contents
Introduction
Description and History of the Industry
Business Challenges
Competition
Marketing and Customer Demand
Financial
Human Resources
Technology
Legal/Regulatory/Political
Ethical
Other
Industry Responses, Strategies, and Solutions
Recommendations and Conclusions

From the Paper:

"Informal trading in the shares of limited liability companies began in Britain's American Colonies around 1725, five years after the South Sea Bubble. This trading grew out of an auction market that had developed at the foot of Wall Street in New York City. The auction market dealt extensively in commodities, particularly wheat and tobacco. The trading of financial securities was slowly introduced into the auction market."

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