During Q4, 2010 TD Ameritrade responded to its brokerage competitors by offering 100 ETF funds commission-free.

We immediately took advantage of this program, cross-referencing our existing holdings and making the appropriate swaps to the new funds.

Given our more active investment strategy, this shift will materially reduce transaction costs and improve long-term results.

While many other “advisors” choose investments with kickbacks, we always strive to maximize client results in a conflict-free environment.