TD Ameritrade: New Accounts Jumped 49% Since Dropping Commissions
October 23, 2019 by Jeff Berman
Since dropping commissions for online exchange-listed stock, domestic and Canadian exchange-traded funds and option trades Oct. 3, TD Ameritrade experienced a 49% increase in average daily new account openings compared with what was seen in the quarter ending Sept. 30 prior to the change, according to the firm.
At the same time, according to Tim Hockey, its CEO and president, the firm has seen a “wave of price-sensitive” customers “coming home” to TD Ameritrade after transferring some or all of their assets to rivals over the years, he said Tuesday in his commentary on the quarter’s results that were posted on the firm’s website. Those clients ranged from smaller accounts to those with multimillion-dollar portfolios, he noted.