August 2017 – Industry Overview – Full-Service Brokerages

With the rise of multi-platform device usage ushering in a new age of web design, the brokerage industry must adapt to rising client expectations regarding what a brokerage interface should look like and offer. Those firms that successfully manage this transition will be well-positioned to provide a consistent experience regardless of how clients access their account information. Those firms that do not, however, risk losing clients to more digitally competent firms. In the current climate of repeated one-upmanship, it is important to keep up with the latest trends and developments throughout the industry or risk falling behind the competition. To that end, we offer our annual industry overview of the full-service brokerages in our e-Monitor competitive set.

Like last month’s report on self-directed brokerages, each firm’s Detailed Finding below provides a graphic timeline and overview of the significant product, service and digital updates made over the past year. These findings can be useful to determine the rate of improvement and areas of focus for each firm since our last full-service industry overview report in August 2016. Since many full-service firms are not as digitally capable as the hybrid and self-directed firms in the e-Monitor coverage set, we provide a Detailed Matrix that is geared more toward the less common, but still useful, digital features offered by some full-service brokerages. Finally, we offer our take on major trends and high-level industry movement in the Trends around the Industry section.