It allows customers to track all the market indices, trading volumes, most active issues and other information online. And, it provides the ability for users to respond to market movements quickly, including reviewing and changing outstanding orders without having to cancel an original order, the company says. A preview feature allows users to verify information before committing. The technology is impressive, but the customers came for the price. Perhaps the most significant of these has been its relative lack of name recognition, especially in comparison to the name-brand discount brokerages.
People seem to have noticed.
In November 1995, the company completed its one millionth trade. Porter's not out to finish off the entire brokerage industry, just part of it. The top tier, the full service brokerage houses, provide a level of counsel and service and a variety of investment opportunities that his company does not aspire to, Porter says. They attract customers who don't want to manage their own investments and who are willing to pay for the expertise of a full-service broker. The company is developing new systems to help reduce paper and increase accuracy for a variety of back-end functions, from producing monthly statements to setting up depository accounts, Porter says.