A generation ago, in one of the brokerage industry's most enduring ads, a hush falls over a room when an investor begins to describe to a friend what his E.F. Hutton broker has told him.

Now comes E-Trade Group, a leading electronic trading firm, with a new ad that turns the old Hutton message on its head. When a smartly dressed woman dining with her friend is asked about her broker's recommendations, the patrons at nearby tables are naturally all ears. But the woman replies confidently, "I don't have a broker."

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