A broker told me an announcement is likely soon
about a new flat rate commission at T. Rowe Price
Discount Brokerage. They tried an internet only flat rate
of $29.95 earlier in the year, on a trial basis, but
reverted to the old structure. Been thinking about moving
some of my stock trading to Brown & Company for lower
rates (got most of my mutual funds with Price and
trading stocks with them was just too darn convenient)
Any thoughts on whether this is good or bad (more
volume, customer retention, vs. lower margin ) for T.Rowe
I got in Blue Chip 2 years ago at $20, and it is
not at $34. Thats a 70% return since 2/1/97 until
today. I'm happy. I guess I'd be happier with last years
SCi. & Tech. returns.
Value has done well this
year, up 18%.
I have some in High Yield. Should
I move it to S&T?
Growing pains for E*Trade, I suppose. In early
1997 I sent them a check plus a completed IRA
application, and a fund transfer form. When I received my
first statement, it was set up as a regular non-IRA
account. Fearing tax penalty consequences, immediately
sent an email, and tried to call. Three calls, three
waits of over 30 minutes. No response to email. The
following week, same effort, and finally reached a customer
service person, who promised the problem would be fixed.
The third week, still no email acknowledgement, and
no promised call back. The fourth week, I waited
through the long cue, spoke to a customer service rep who
saw NO indication in my account of previous person's
promise to fix it, and NO change in the account
registration. She promised to fix it. The fifth week logging in
revealed NO change. Another call (several attempts, LONG
waits, etc.) reached someone who noted my previous call,
and couldn't understand why the simple problem hadn't
been fixed, promised to handle it personally. The
sixth week, no change, no call back, no answer to four
emails. I sent a letter, an email, and placed a call to
cancel and return the IRA transfer money to T. Rowe
Price. It took two weeks for TRP to receive the funds.
All in all, one of the worst customer services
experiences I've had in 20 years of investing.
copy of my cancellation letter which I sent to the
president was never acknowledged).
PPS-they sent all
the IRA money to TRP, but still never closed my
account- which now shows a balance of $2.26! registered as
a regular non-IRA account. I'll never do biz with
them, marvel at their share price appreciation, and
damn them whenever I'm asked for a broker
Trow is such a bargain here once the laws change
major consiladtion should insue, Trow could easily be
taken out at 70+
per share, The one thing that is
frustarting as a long term trow
holder(over 3 years) is
that the do not market thier funds well.
should be pouroing into SCI/TECH fund as Morris is no
doubt along with landis one of top TECH fund managers.
Long term if TROW does not get bought out which they
have always said they want to remain independent I
still think will see 50 this year and 100 by 2002, this
next quarter should be a blowout.
haven't seen an TROW flow numbers the revenues from
existing assets will be strong due to the markets
Good Luck to all
I've had funds at T.Rowe for 5 years. All in
Mutual Funds. I'd love to trade on my own, and see if I
can outperform Blue Chip Fund. But high commisions
sent me over to Schwab. If T. Rowe drops to $24.95, I
may convert some funds into a self directed Account.
I have heard nothing from T. Rowe, as a Mutual Fund
owner. If they are offering new rates, they ought to
publicize it more!
T.Rowe Price Discount Brokerage announced that
effective 6/18/99 all internet originated stock trades, up
to 1000 shares, will cost a flat $24.95 commission.
Trades over 1000 shares will add $.02 per share. I can't
find in the company's financials any breakout of
brokerage revenues. Perhaps it's an insignificant source of
revenues, but any thoughts on the impact to the bottom
Anyone use their brokerage service? I've used
them for convenience (tried E Trade, but their service
sucked so loudly, I went back to TRP after 60 days).
Do other online brokers allow you to have a
simultaneous limit orders above and below current prices? I'd
like to place a stop loss order to sell, AND a sell
order at my target price. TRP says they no can do,
because when one transaction occurs, the other order
would become a short sale. Doesn't make sense to me.
Thanks for insight from the more experience traders.
Lets say you own 50 shares trading at
You place two stop sell orders, one at $75 and one at
In a volatile market the stock could drop to the
bottom stop sell order of $75 and trigger the sale (now
you have sold all you shares), then within minutes
the stock shoots way back up to the $125 stop sell
order, before T Rowe can contact the specialist's to
cancel the second stop sell order. If the specialist's
don't get contacted in time they would sell twice and
the second time would be with shares you don't own.
(could be a problem if your dealing with Berkshire
Hope this helps...