Industry Slowdown Prompts Big Merger of Discount Brokerages

Scottrade customers may be seeing changes to the discount brokerage services they receive,such as higher fees,by the end of September 2017,as TD Ameritrade,America's largest discount brokerage by trade volume,purchases the privately held Scottrade Financial Services for four billion dollars.In turn,TD Bank,Toronto Dominion Bank's US subsidiary,will then buy Scottrade Bank for 1.3 billion.
TD Bank owns nearly 42% of TD Ameritrade.*
Although based in St.Louis today,Scottrade derives its name from the fact that it was founded in Scottsdale,Arizona.Founder and CEO Rodger Riney,who suffers from multiple myeloma blood cancer,will become a member of the TD Ameritrade board post-merger.Mr.Riney has become a familiar face to Americans by appearing in several TV adverts for his company.*
The deal is expected to realise cost savings of about 450 million dollars annually for TD Ameritrade,and more than 300 million in additional longer-term opportunities.As a result of the merger,TDA will grow to 600 retail branches,but intends to slim down to about 450.*
The discount brokerage business has been hurt by intense competition and the trend of switching to passive investing rather than the day trading model,making organic growth more difficult.*
TD Ameritrade Holding Corp (AMTD)

Raymond James:Small Brokerage,Big Growth

Raymond James Financial reported profit up 90%,and revenue up 18%.CEO Paul Reilly says it's really a result of strong long term,conservative investment.There were solid returns from investment banking,banking and the asset management group.
We're seeing the returns really get back into the equity markets,although not like they have historically.Investors are being cautious,but are coming back into the markets.
Raymond James is adding advisors to its private client group.We think we can continue to achieve 15% compounded growth.We're not about being the biggest.It's kind of a quality goal.
We're really focusing on our current businesses.We will continue to look at niche acquisitions,Mr.Reilly indicated.
Raymond James has 5300 advisors.The company was founded in 1962.It serves individual,institutional and corporate clients from offices throughout North America.
Raymond James Financial(RJF)

Job Alert:Honored Firm Seeks Advisors

Edward Jones is recruiting a number of Financial Advisors for locations on both coasts.The firm will train candidates from a variety of backgrounds.Individuals must be self-managers,sales-oriented and highly driven.A member of the SIPC,Edward Jones is Fortune magazine's #2 "Best Company To Work For."
If interested in this position,go to careers.edwardjones.com/us/index.html

Entry Level,All Majors

DMG Securities,Inc. is seeking recent college graduates for its brokerage business.Applicants with all majors will be considered.Personalized in-house training is provided.A lucrative payout schedule is offered.DMG is a member of FINRA and SIPC.They are located in affluent Great Falls,Virginia.Those interested may submit resumes to dmgsec.dmgsecurities.com