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Non-Tech : E*Trade (NYSE:ET)

ET 16.54

+1.6%

Dec 30 3:59 PM EST

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To: Eric Lee Smith who wrote (4484)	1/26/1999 10:18:00 PM
From: ecommerceman	Read Replies (2) of 13953

Eric Lee Smith--Thanks for the response. I'm equally enthusiastic that the cost of new accounts has gone down, and am hopeful that the trend continues. Despite having about 70% of my stock equity tied up in EGRP (at least since the run-up), I've been extremely frustrated by ETrade management's unwillingness to pursue creative methods to expand their customer base. I wrote Cotsakos two letters urging him to take advantage of the enthusiasm of ETrade's customer base by aggressively dangling free trades to current customers for signing up their friends. While they have a program that does this, they don't promote it all--I advocate that they should insert their "sign up a friend" brochure in EVERY trade confirmation and EVERY monthly statement that they send to their customers. It would hardly cost them anything, and they would get a slew of new customers for the miniscule price of $20!!! My first letter got no response at all, and my second letter got what we in D.C. call an "oatmeal response"--meaning a vague promise to send it up the line. Yeah, right... I'm very interested in the thoughts of other on this. Am I crazy? Is there a reason in the world that they shouldn't do this? I'll admit that they finally now have some creative alliances with AOL (six free months for signing up with E*Trade) and United Airlines (details to be announced next month), but these are likely to be very expensive compared to my idea (although much cheaper than their current costs). Anyway, responses appreciated as this is a thorn in my otherwise very satisfied side...

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