A key element of the business model for Schwab and its rivals was rising rates, but a flip in Federal Reserve policy has changed the dynamics
Depending on where you turn, it can seem as though it costs almost nothing to buy and sell stocks, invest in exchange-traded funds and even get financial advice.
But some of the juice behind the intensifying price war under way across the brokerage industry is drying up. Electronic brokers in recent years have become more reliant on their banking arms, which effectively subsidize low trading and investing fees. A key element of the business model was rising interest rates, but a flip in Federal Reserve policy this year to...
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