3. Clicks and Mortars questions
* How has Schwab been able to grow its asset base so rapidly? What external and internal factors are relevant to its success?
* Merrill Lynch has a reputation as an innovator. Why was it so slow to embrace online brokerage? Why did it finally decide to aggressively pursue online brokerage? Will it be successful?
* Evaluate MSDW's approach to the internet. Evaluate the Lombard acquisition and its implementation. What do you think of the decision to migrate DBD to MSDW online?
* Describe and evaluate Paine Webber's offline and online strategies. Do you think Paine Webber had an easier or harder time making the move to online brokerage than Merrill Lynch and MSDW? Why?
* Can these various brokerage strategies co-exist? Are they all sustainable? Which of these brokerage firms would you/would you not bet on? Why? What about E-Trade? What are the implications of Exhibit 7? How will those data and other investor characteristics change over time?
