Word: tomczyk
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Online brokers were soon seeing their business pick up. "There has definitely been a surge in the past 12 to 18 months," says Fred Tomczyk, chief executive of TD Ameritrade. "We've had very good growth trends." In TD Ameritrade's fiscal first quarter that ended on Dec. 31, 2009, net new assets rose to $8.7 billion from $7.8 billion a year earlier, according to Kim Hillyer, the company's senior manager of communications...
...daily average revenue [producing] trades rose 17% while Schwab's fell 2%, said Michael Hecht, an analyst at JMP Securities, in a recent note. "We were the one shop that had simple, straightforward, transparent pricing - one price point for all clients and there's no gimmick to it," says Tomczyk. "Clients don't like it when think they have one price and wind up getting nickeled and dimed to death. We set a price point and that's what the price...
...Ameritrade's Tomczyk is keeping his commission plans close to the vest. "We will definitely be monitoring this," he says. "We don't like losing, and if we need to respond, we'll respond." Tomczyk adds that his firm would even take some hits to profits to hold the line. "It's about growth in the long term and being competitive first and foremost," he says. "If that means your profits get squeezed [in the short term], your profits get squeezed." (See the worst business deals...
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