At the end of the third quarter, ETF assets custodied at Schwab reached $216 billion, a 20% year-over-increase, according to the firm’s third-quarter snapshot.
The growth of the Fidelity, Schwab and TD Ameritrade commission-free platforms has forced rivals to take note.
Last week, it was reported that Raymond James, the Florida-based brokerage firm, will offer commission-free ETFs to its registered investment advisors (RIAs) and their clients. It is expected that Raymond James’ initial foray into commission-free ETFs will feature a combined 120 funds from First Trust, AdvisorShares, ALPS Advisors and Greenhaven. [Raymond James Mulls Commission-Free ETFs]
Last Thursday, Thursday it was reported that Pershing LLC, the clearing firm, prime broker and provider of solutions to registered investment advisors that is a unit of Bank of New York Mellon (NYSE: BK), could be the next big name to provide clients with access to select exchange traded funds without commissions.
ETF Trends editorial team contributed to this post.