In TD Waterhouse's most recent advertising campaign, Sam Waterston poses this question: "Objective, independent, third-party research. Can your broker say that?"Hold on just a second there, Sammy. Are you suggesting that most brokerage firms don't offer objective, independent, third-party research? Because the ten largest firms on Wall Street each contract with no fewer than three independent research firms and make that research available to their clients. Ok, so they're required to, pursuant to a 2003 settlement with the SEC and NASD, brought about because of a few liberties some analysts might have taken back in the dot-com days. You know, like issuing a "buy" recommendation on a stock and then slamming it privately in inter-departmental emails.
Anyway, the point is, if TD Waterhouse and its ad agency believe that they have some kind of lock on third-party research, then they need to go back to their thumbnails and storyboards, because everybody is offering "objective, independent, third-party research." It just wasn't their idea.
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