IFB124: The Fallout from No-fee Commissions on Wall Street

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Dave:                                    00:36                     All
right folks, welcome to the Investing for Beginners podcast. This is episode 124
tonight, Andrew, and I thought we would take a break from Listener questions
and maybe some of the other formats that we’ve talked about lately and talk a
little bit about some current news. So for those of you out there living in a
black hole of news, there was some big, big news in the stock market recently
this week and there was some news that a lot of the online brokers have dropped
to zero fees and Andrew and I wanted to talk a little bit about that. So
Andrew, did you have some thoughts? I hear I hear you take it in. Take a
breath.



Andrew:                              01:19                     Somebody
hold me back. Hold me back. Yeah, I think it’s like we’re watching history
being made, right? And for somebody like me, I’m trying to encourage people to
invest. Now. There’s no excuse. You had the emergence of Robin hood and what
made Robin, what made everybody flock to Robinhood was the fact that you could
trade, and there would be no commission fees. And this week just, it was like
dominoes, and they just fell one after the other. So I logged into my ally
account and saw this little message on the top that said, Hey, starting October
nine, we are not charging commission fees anymore. Ally used to be a four 95
portray commission, and now it’s not. And then, you know, I think I think
before that was what were we, what were we saying? I was like interactive brokers
before that. Yup. Yup. They were one of the first ones. Goldman Sachs was I
think those were one of the first two that, that went that route. And then like
you said, the dominoes kind of started to fall. Schwab was the next really big
one that kind of really shook up the investing world. And then soon after that
followed



Dave:                                &nb...