“This is our go-forward pricing. This is not a one-time offer,” said Jeff Cornman, vice president of brokerage client solutions at Well Fargo. As to why the bank is incurring these costs, Cornman said it is hoping this will solidify customer relations. “We don’t look at things in a single line of business approach. We look at the entire customer relationship,” he said. “When we reward the relationship, clients are happier [and] they stay with us longer.”
While fees on stock trades have fallen, those on mutual funds have remained fairly high. Fidelity, for example, charges $75, TD Ameritrade and Charles Schwab charge about $50, Vanguard and Muriel Siebert charge $35, E*Trade $20 and Scottrade $17.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.