No sooner had we pushed the button on our previous blog about the online/discount brokerage mobile apps than TD Waterhouse Discount Brokerage announced their mobile app launch. TD Waterhouse Discount Brokerage, which is the largest online brokerage firm in Canada as ranked by total assets, became the fourth Big Six bank-owned firm to provide customers with the functionality, following Scotia iTrade’s announcement earlier in the week. The mobile app will allow TD customers to purchase Canadian and U.S.-listed securities and exchange traded funds (ETFs) using Apple, Android and Blackberry operating systems.
According to Investor Economics brokerage database, firms that provide mobile brokerage functionality represent almost two-thirds of total channel assets and nearly three-quarters of channel trade volumes, laying credence to our “mobile brokerage = table-stakes” argument posited in our earlier blog. We will keep an eye on how this development impacts the mix of trading methodologies as firms in the channel evolve their client toolkits to meet the growing demand of DIY (Do-it-yourself) investors. For more information regarding the online/discount brokerage channel, please view our Winter 2012 Retail Brokerage and Distribution Advisory Service http://investoreconomics.com/issue/retail-brokerage-winter-2012-quarterly-report. Posted by Matthew Goldstein Matthew@iei.ca.