Magazine article American Banker

Fidelity Brokerage Plans At-Home Trading; Quick & Reilly Reveals Plan to Develop and Sell Research Reports

Magazine article American Banker

Fidelity Brokerage Plans At-Home Trading; Quick & Reilly Reveals Plan to Develop and Sell Research Reports

Article excerpt

PHILADELPHIA -- Fidelity Brokerage Services inc. will usher in a system to allow customers to get price quotes and to deal in securities on their home computers. And Quick & Reilly Inc. is developing a line of research reports to be sold to customers for an annual fee.

These two big discount brokerage firms revealed the products they are planning at Tuesday's session of the annual Securities Industry Institute, which is sponsored by the Securities Industry Association and the Wharton School of the University of Pennsylvania.

Fidelity Brokerage Services, Boston, is developing a system to let customers obtain price quotes and to buy and sell securities using their home computers, according to Roger T. Servison, senior vice president of Fidelity Marketing Co., the marketing arm of Fidelity Investments, which is the parent of both units.

And Leslie C. Quick Jr., president of Quick & Reilly Inc., New York, told the session that his firm is developing "a research product" to be offered to customers for an annual fee of between $150 and $200.

The new Fidelity home computer service will be announced officially at a press conference in Boston on March 20, according to Mr. Servison. In addition to discount brokerage fees, the service will cost customers about $200 for software, plus hookup chages ranging from 40 cents to $2 a minute, depending on the time of day.

Buy and sell orders will be funneled through registered representatives for credit checks and suitability.

The new service's name and other details will be announced at the press conference in March.

Mr. Servison said the home service will be available nearly 24 hours a day, seven days a week, allowing two hours downtime a day for servicing.

Fidelity is "very excited" about the prospects for the new product, he told the brokers at the session. …

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