Banking, finance, and taxes
How Fast Are Clients Leaving E*Trade (ETFC)?
Published:
It would be fair to assume that a number of frightened customers are leaving E*Trade (ETFC) for other brokerage firms. but there is not much solid evidence of how fast that is taking place.
One of the smaller discount brokers, TradeKing, sent 24/7 Wall St. this information:
— TradeKing is averaging 10 calls per hour since yesterday morning from people identifying themselves as E*Trade account holders with concerns about their assets and who are looking for a safe place to put their money
— Nearly one-third of TradeKing’s online customer service chat sessions have been taken up by E*Trade customers looking for more information
— Callers specifically seem to be hunting for brokerages outside the sub-prime arena that will not cost them a large increase in trading fees
— Some clients holding both E*Trade and TradeKing accounts have already begun the process of transferring assets from E*Trade into TradeKing accounts.
It is safe to assume that the number of clients moving to TD Ameritrade (AMTD) and Schwab (SCHW) is much greater.
E*Trade is up 18% to $4.20, but, if it loses enough customers, that may not last.
Douglas A. McIntyre
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