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Equity trading’s race to zero fees

Retail investing in 2020 was a story of “Reddit bros” pushing up meme stocks on new zero-cost trading platforms. But beyond the headlines, advisor-based retail investing also jumped, up 19 percent. However, those zero-commission platforms are making their presence felt; advisors now charge less than half of their list price.

Equity trades per advisor rose by 19 percent between 2019 and 2020, but pricing continues to decline.
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To read the article, see “The value of personal advice: Wealth management through the pandemic,” May 25, 2021.