Our Regular Civic Duty (VII)

Well, here we are. It’s already Thanksgiving week, and so far, 2019 has been a good year for investors just about everywhere. Stocks, bonds, gold…they are important determinants of overall investment health, and all three asset classes have performed well. In fact, all three are on track to provide a 2019 investment return of 10% or more. That hasn’t been done since 1986. But, good times or not-so-good times, managing those asset classes so that they achieve our clients’ goals is a large part of what we do. Providing the best in client service also is a large part of what we do, so for the seventh year in a row, we ask that most important of all questions: Are we doing all that we could and should be doing for you? In a general sense, the objective always is to become a more valuable member of each client’s team. And, more specifically, as mentioned in the May Update (“The Path Ahead…Problem Solving in the Modern Era”), we always want to be problem solvers in an increasingly solution-oriented business. If we are missing any opportunities to achieve those objectives, by all means please let us know.

Meanwhile, big news in the online brokerage world. For well over two years, we have talked about and written about the commission wars that have been going on, and advised everyone to stay tuned. Good advice as it turns out. On October 1, Charles Schwab announced that, in the future, the per-ticket charge for online trades would be $0, and Schwab’s competitors, including our friends at T.D. Ameritrade, soon followed. Then, Schwab announced over the weekend that they are acquiring T.D. Ameritrade in a $26 billion deal that closes late next year. What that ultimately means for our T.D. clients and everyone else, of course, is yet-to-be-determined, but we’ll keep you posted. What we do know is that the per-ticket charge for custody and trading in the online world now is $0, and there we’ll stay for at least a very long time, maybe forever.

From all of us to all of you, our wonderful clients and good friends, a Happy Thanksgiving and a Happy Holiday Season to come.