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.
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JP Morgan Joins Battle for Retail Investors with New Mobile Brokerage Service
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.
