— E-Trade was planning to cut advertising and marketing spend significantly into 2020. But now the firm has changed that tune, and see holding those expenses closer to 2019 levels, a theme the chief executive had hinted at during an industry conference in December. The firm also said it would hire more financial consultants, up from about 410 now to more than 450 by year-end 2020 and more than 500 by 2021.
The broader industry's move to axe online trading commissions comes as incumbent players across financial services have bowed to intense cost pressures. "I think there's a lot more consternation in the market if you will. You can just see it," he said. "If you take a look at any of the RIA publications that are out there, a lot of the smaller and medium-size RIAs are concerned.
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