The market research available today shows that people are more loyal to their bank than to their brokerage.
It's been a very active market. The biggest trading gains you see are of firms that cater to day traders, although we (also) have seen a big percentage increase quarter over quarter.
We had a record number of margin calls over the weekend.
A typical broker has 200 to 400 relationships. They can only talk to one person at a time. The biggest customers will be answered first and the everybody else gets in line.
It's a year 2000 event. This year it's wireless trading and after-hours trading. Next year it'll be the computerized advice, customized service.
We're going through a transition. There's very little you can't do online. You have the high-quality research, the screening tools, the quotes and the charts.
This is the fourth year we've seen a downturn in customer activity at one point in the year and usually it's lasting two to four months, and we're not overly concerned about that. But clearly, it's a competitive marketplace.
If you do that, you're dead. You're giving very sensitive financial information to an institution for a reason and it's not so they can take that information and profit from selling it to someone else. It's a clear misuse.
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