Image Credit: John Vachon, Produce delivery to supermarket in Montgomery, Alabama (1943), Library of Congress
By Jason Zweig | Feb. 21, 2020 11:00 am ET
Morgan Stanley’s takeover of E*Trade Financial Corp. for $13 billion shows how drastically the brokerage industry’s business model has changed.
Firms no longer want to offer investment products from all sources. Instead, they want to milk their customers’ cash and manage all the assets themselves. Investors need to understand the rules of the new game.
For decades, big banks and brokers aspired to become “financial supermarkets” where consumers could open bank accounts and buy stocks and bonds, mutual funds, insurance and the like.…
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For further reading:
Benjamin Graham, The Intelligent Investor
Jason Zweig,The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money
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