The ongoing price war on trading commissions has weakened monoline firms like TD Ameritrade and E-TRADE, which lack diverse revenue streams. The acquisition of TD Ameritrade by Schwab brings more self-directed investors to Schwab, and they face a complex decision on which trading platform to keep. Schwab will target the 51% of TD Ameritrade’s customer base who are willing and able to pay for financial advice. Schwab will acquire a more modern advisor technology platform from TD Ameritrade compared to its own. The price war continues to leave E-TRADE vulnerable and a likely acquisition target.