Thinking of writing an essay on how brokerages make money since a) it comes up on HN a lot and the easy answer (commissions) is wrong and b) the revenue mix for different brokerages, even among discount brokerages, varies hugely.
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TDAmeritrade, by contrast, actually earns ~36% of their revenue by selling the thing that everyone thinks they are in business to sell. That is a high number among discount brokerages.
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(In related news, people's intuitions about how e.g. retail banks or SMB-focused banks or commercial banks make money are also generally not that great.)
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Earning 250 bps and paying 27 bps. Cash sweep FTW!
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