Discount brokers have formed a trade association, called Discount Brokerage Association. The group is designed to lobby legisative and regulatory bodies that affect its business, and to educate the public about discount broker services.
Among the group's 15 members are T. Rowe Price Discount Brokerage, Scudder Brokerage Services, Jack White & Co., Accutrade, Brown & Co. and National Discount Brokers, a subsidiary of the Sherwood Group.
"Our mission is to actively encourage the trend toward do-it-yourself investing, and to make it easier and less expensive for investors to make their own investment decisions," said the organization's president, Everett Lang, who is chief executive of National Discount Brokers.
The group plans to encourage its members to continue to keep prices low and to share helpful information.