More than 51,000 clients have made the move from online broker Charles Schwab to its competitor TD Waterhouse after the former announced it was pulling out of the local market.
The massive influx of new clients has boosted the business of TD Waterhouse with previous Schwab clients now accounting for up to 25 per cent of the online broker’s overall business according to TD Waterhouse Australia managing director Karen Buck.
The group is currently in third place in the market in terms of the size of trades, and number four in the market for the number of trades per day, according to Buck.
This is the result of most of the group’s new customers choosing to trade on the Internet, according to in-house research by TD Waterhouse, which has registered an increase in Internet use.
“The key to the success of the transfer was because of the seamless transition between the two groups. It’s been very positive in terms of the business,” Buck says.
