The collapse of Lehman Brothers last September marked the start of a downward spiral for big investment banks. For a smaller fraternity of Internet brokerages, it has set off a dramatic spurt of growth.
"I will never again trust anyone who is commission-driven to manage my portfolio,"
"If they're not making money off you, they have no use for you."
…now spends "an enormous amount of time" on his portfolio. "But it's the only way to protect my assets and my family."
Ben Mallah, who says he lost $3 million in a Smith Barney account in St. Petersburg, Florida, as the markets crashed last year.
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The 2008 Gartner survey showed 17 percent of "pre-booomers," those 63 years old and above, using online brokerages, compared with 29 percent of "Gen X"ers - those age 33 to 44.
"The group that most typically uses the traditional model is the one that is growing older and aging out,"
David Schehr, a research director with Gartner's industry advisory services.
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