Retail investing is having a moment. Major U.S. brokerages that reported quarterly results this week cheered the self-directed day trading happening on their platforms as individuals with a bit of extra money and time on their hands during the coronavirus pandemic have been engaging more in markets.
), which is in the process of acquiring E*Trade Financial Corp EFTC.O, expects to see similar gains when the deal is complete, Chief Executive James Gorman said. “ attracted hundreds of thousands of new accounts... with that has come real money, not just kids playing,” Gorman said Thursday. “They’ve brought in billions of dollars of net new assets and deposits, and their platform has remained very stable.
That type of trading is not as profitable for brokerages as handling assets for more affluent clients, especially after startups like Robinhood came on the scene with commission-free trading. That led others to slash fees to $0, but brokerages assume they can make money from retail investors in other ways. They can lend out their shares or earn money from margin loans or additional services.
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