Bong, let me explain a bit more clearly...
They don't care who gets them, their a financial institution and like all other business's all's they care about is the bottom line, $$.
That's exactly my point. In the end, E*Trade will be forced to take care of the bottom line of profit and not the top line of account numbers. All the multiple accounts hurt the bottom line. It costs money to maintain accounts. The extra accounts would be great for their bottom line if people were steadily pumping new money in to fund them, but we all know that new money is not what's funding the accounts. We take profits out of existing E*Trade accounts, and move it into new E*Trade accounts, which adds to their expenses without adding one plug nickel of anything to their benefit.
I'm not saying that we're playing unfairly or doing anything wrong. We're aggressive IPO players and playing the game in the way that it's presented. I'm right there with you, and will continue to be as long as it's profitable.
I am saying, however, that the current E*Trade system is nonsensical for E*Trade, because it does not reward the customers who generate revenues for E*Trade and those customers will not continue to be unrewarded. As more and more of these valuable customers leave, E*Trade will be forced to make adjustments. It's simple math, and I think this game will change drastically during the next year.
From a purely personal perspective, I've had some atrocious dry spells at E*Trade, but have also gotten some great IPOs for which I'm grateful.
Chop |
