Five Industry Trends Reshaping Financial Advice

LO Five Industry Trends 5 "Financial Advisor" of the 1970s/80s: STOCKBROKER! 6 ©2013 Michael Kitces | kitces.com Five Industry Trends Total one-way costs 1.60% 1.40% - 1.20% - 1.00% - 0.80%- 0.60% - 0.40% - 0.20%- www 0.00% 1900 wwwww 1910 © 2013 Michael Kitces | kitces.com 65 LAKER Handouts/Materials: kitces.com/SECAMAC Average one-way transaction costs (half-spread + NYSE commission) SHARK 1920 1930 Munde May Day 1975 1940 1950 1960 1970 1980 1990 2000 charles SCHWAB 1975 D Ameritrade 1975 Scottrade 1980 EXTRADE 1982 Handouts/Materials: kitces.com/SECAMAC Source: "A Century of Stock Market Liquidity & Trading Costs" by Charles Jones 3

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