It It’s been a tough quarter for small investors in stocks. But for stocks of stock market brokers and advisors, that’s pretty awesome.
Stocks of online brokerage providers such as Charles Schwab Interactive brokerage group and Robinhood Market both grew double digits in the third quarter, as did brokerages offering investment management and consulting services such as Financial LPL and Raymond James. Morgan Stanley owner of E*Trade, has grown by almost 4%. Meanwhile, the KBW Nasdaq Bank index fell 5% for the quarter.