Welcome to the Tearsheet Podcast. I’m Zack Miller.

Pricing pressure on commissions isn’t new in the brokerage and equity trading space. But it does feel like it’s accelerating. Just over the past few weeks every major brokerage — Schwab, TD Ameritrade, and E-Trade, eliminated commissions over a span of a couple of days.

JMP Securities’ Managing Director Devin Ryan joins us on the show to talk about all the moves in pricing in the investment industry and more importantly, where this is all headed. We discuss how investment firms will compete if not on cost and what the impact will be of many new competitors in the space.

Devin Ryan joins me today on the Tearsheet Podcast.

Before we jump into the interview, I wanted to invite you to Tearsheet’s latest event, The Embedded Conference. A big theme on this program and in our reporting has been about how financial services are showing up everywhere — in B2B software platforms, in retail, in transportation and travel. The Embedded Conference brings together financial services, fintech, and vertical industries looking to create new financial products. We’ve got a great speaker lineup — register today by going to our website and clicking on the Embedded Conference button at the top right of your screen.

The following disclosures are applicable to SCHW:

JMP Securities currently makes a market in the security of The Charles Schwab Corporation.