third rant's a charm
After this, I get cheery again. But there is one last complaint to highlight on the seedy underbelly of broker consolidation:
The convenient myth of "Everything under one roof".
I feel like I read this catchphrase with every new merger press release: "Now the customer can access all their financial services under one roof." Or variations on that theme: "Consolidate your financial relationships!" "The convenience of a single financial statement!"
Let's take the gloves off already: in fifteen years of working with retail financial customers, I have never once had a customer call me and ask for something like that. Instead, what I have heard is: "Hey, it's my money, and I want to do what I want, where I want with it, when and how I decide. My retirement nest egg isn't the same as my trading money; my kid's college fund is something else entirely. I'll shop around and divide my money as I see fit."
We know what we're good at here at TradeKing: servicing active, self-directed traders and investors. We aim for great executions, great customer service, quality tools and content, and an innovative trading community that features an ongoing dialogue among active traders. That's what we do. You want your money back, we'll give it back to you - no problem. We're not in the business of making you feel like a hostage.
Edited by bigdog at 09/03/11 at 06:28 AM