After watching most of its competitors launch new fee accounts, A.G. Edwards has finally joined in. In March, it rolled out its Client Choice account, which offers "virtually unlimited transactions," according to the firm.
However, the firm will not have online trading available until the fall, according to a spokesperson.
"This firm steps into the water first instead of diving in," says an A.G. Edwards rep to explain why the brokerage isn't online. "The firm wants to see what type of acceptance the program has and how brokers and clients respond to it."
Client Choice requires clients to pay a minimum annual fee of 1,250 dollars. The asset-based rate is 1.5 percent or less, for both equities and fixed income. Minimum account size is 50,000 dollars.
The company is offering a menu of premium services and rates for Client Choice holders, such as travel awards, lower margin rates and waived IRA fees.
Existing clients have not been quick to adopt the new account, says Tim Mooney, an A.G. Edwards broker in Portland, Ore. "But many new clients we have coming in, the first thing they seem to talk about is Client Choice."