We're still in the thick of an online discount broker revolution. Don't let anyone convince you otherwise, even if Ameritrade
Yes, Ameritrade clients placed, on average, just 144,000 trades per day last month. That sum was well over 200,000 earlier this year. However, that doesn't tell the whole story. Last month, the company opened 25,000 new accounts. That easily outnumbers the 10,000 accounts closed in May. Over the past year, the company has seen accounts swell from 2.9 billion to nearly 3.5 billion.
While ongoing sector consolidation promises that the growth won't always be organic, it's clear that more and more people are smitten with the convenience of using the Internet for personal finance matters.
Elsewhere in the group, layoffs and a need to lower commissions have plagued industry leader Charles Schwab
Last month alone, Ameritrade bought back 5.5 million shares. That brings the total of the stock repurchased under the company's buyback plan to 37.2 million. While that kind of confidence isn't always contagious, it certainly doesn't hurt.
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Longtime Fool contributor Rick Munarriz relishes the power of the online investing experience. He likes the sector's chances, but he does not own shares in any companies mentioned in this story.