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Digging into the Customer Experience: Brokerage, Online and OffBrokerage is Corporate Insight’s original areas of expertise, dating back to the introduction of Broker Monitor and e-Monitor in the 1990s. Our value-added brokerage and online services research digs deeply to identify and assess specific aspects of the customer experience.
This Broker Monitor Report provides an update on account and service fees charged by brokerage firms. We include basic account fees for basic brokerage and retirement accounts, as well as common service and cash management fees. In addition, we offer our recommendations on how firms should communicate fee changes to clients and prospects.
We list current account fees, minimums and various service fees for basic brokerage and retirement accounts. Several firm consolidations led to unified or distinct fee schedules in the last two years, and as a result, we could not provide an even over-time comparison for those firms. We also added a firm to our coverage group in the time period since our last fees report, which was published in 2010.
At the time of our last report on fees, 70% of all fee changes were the result of fee increases. Since that time, only 53% of changes were a result of fee increases. A total of seven firms in this report decreased at least one fee in the time since our last report; however, six firms also increased fees.
Additional Key Findings: