As part of its mobile brokerage platform to be rolled out next week, JP Morgan is offering some free trades, the ability to earn unlimited trades, and no-cost equity research. The news has spooked shareholders of discount brokerages like TD Ameritrade, Charles Schwab, and E-Trade.
The service gives clients 100 free trades in the first year, free equity research and the ability to earn unlimited free trading, according to Darin Oduyoye, a spokesman for JPMorgan. Clients can get 100 free trades every year if they maintain an account balance above $15,000, and Chase Private Client customers, or those with at least $250,000 in balances, get unlimited free trades, Oduyoye said. JPMorgan is also giving retail clients access to equity reports published by its investment-bank research team at the same time that institutional investors get access, Jed Laskowitz, CEO for the new product, known as You Invest, said in an interview.