Date: 2019-10-18 20:00:05
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The saga continues between Robinhood Investing and Charles Schwab, which just announced a new feature to compete - enjoy! Add me on Instagram: GPStephan
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Charles Schwab has now announced that they will allow you to buy FRACTIONAL SHARES! This also competes against OTHER companies which frequently promote fractional investing - like Stash, Betterment, and even Acorns.
My personal belief is that old school, brick and mortar brokerages have seen their millennial money slowly draining away to popular stock trading apps and services that automate investing without any hefty fees…think, Robinhood, M1 Finance, Betterment, Acorns, and so on.
So, Charles Schwab is very much thinking LONG TERM…because they KNOW millennials are going to be the next wave of incoming capital, and it’s important to capture them early, and capture them YOUNG. Just consider this:
Right now, there are 618,000 Millionaire Millennials…and according to a Caldwell Banker report, “By 2030, millennials will hold five times as much wealth as they have today, and are expected to inherit over $68 trillion from their predecessors in the Great Transfer of Wealth.”
In the next decade, Millennials will have some really serious spending power - and Charles Schwab knows this. They understand that, whoever can capture this millennial market FIRST - will likely have a VERY profitable, and longstanding future ahead of them.
Here’s where I think all of this is likely to go:
First, I wouldn’t be surprised if bigger brokerages - like Charles Schwab - began copying other features of investing apps, as well.
Secondly, I think apps like Robinhood really need to think about starting their own credit card…it’s about time.
Third, most of those stock trading apps need to roll out banking features…lets be real, if you don’t have a bank and a high interest checking account, you’re a nobody 😉
And fourth, if Charles Schwab wants to remain competitive…they NEED to be the BEST for EVERYTHING.
Then - lets not forget what all of this is ACTUALLY for, in the first place…BANKING. That’s where all of this is going to end up. Whoever you’re invested with right now, is MOST LIKELY going offer you banking services for when you want to buy a house, take out a loan, keep your money safe, you name it…all of these “perks” being announced are little “fish hook worms” to get you to place your money with them, so they can have a piece of that pie in the future.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com