New Scottrade commercial

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Jan 17, 2010 8:01 pm

Client calls advisor in the back of a limo with a gold watch, tells advisor that he wants to transfer his account to scottrade as he has all the tools to do his investments himself.

Scottrade CEO then comes on and says.... "why would anyone want to work with their existing advisor?"

Why would any RIA want to use Scottrade as their custodian? Fidelity, TD, others who also deal with retail never are so strongly anti advisors/brokers.

Jan 18, 2010 12:54 am
aeromaks:

Client calls advisor in the back of a limo with a gold watch, tells advisor that he wants to transfer his account to scottrade as he has all the tools to do his investments himself.  

Scottrade CEO then comes on and says.... "why would anyone want to work with their existing advisor?"

Why would any RIA want to use Scottrade as their custodian?  Fidelity, TD, others who also deal with retail never are so strongly anti advisors/brokers.



The marketing trend nowadays seems to be "Do It Yourself".  It is completely irresponsible for the average customer, but these DIY firms probably think they are striking while the iron is hot.  Many retail customers are angry with their advisors, so the next logical step is "I can do better than him/her!".  The pendulum will swing back eventually.  Just a theory.

Jan 18, 2010 2:35 pm

Great point. This could be the catalyst for the next market crash.

Jan 19, 2010 12:19 am

geez.... another one... this time the advisor sitting in his office. on cnbc.

Jan 19, 2010 12:35 am

This is the same social phenomenon as is used with Muslims, Catholic priests, athletes on steroids, and used car salesmen: the few bad apples inadvertently become posterboys. Someone with an agenda will sell the "fact" that those few are the norm.



In the end, it still boils down to trust and developing the relationship, I suppose.

Jan 19, 2010 10:17 am

There are a lot of FA's that don't have a clue. To expect the general public to have one is even scarier.