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SOUTH BEND -- The Internet is transforming the business of buying and selling securities. Even casual investors who have Internet access can get megabytes of information on investments through free or subscription Internet services. Then they can buy and sell stocks online for rock-bottom commissions.
Investors are sending a message about their belief about the future of the market for investment advice. Discount broker Charles Schwab, which offers $29.95 Internet trades, recently surpassed the market capitalization of Merrill Lynch. Stock for E*trade, an Internet-only brokerage, has nearly tripled in value since September.
For established stockbrokers, the change means that clients formerly dependent on them for investment information and the ability to make trades can now take care of their investment needs through the Internet.
Despite all these developments, local stockbrokers expressed confidence that their services provide something unavailable on the Internet.
"Anyone can retrieve an awesome amount of information," said Fred Kahn, vice president with Merrill Lynch's South Bend branch. "It still takes...