Agencies are the new broker-dealers

From a macro level, the disruption that swept through the financial services industry nearly two decades ago parallels the transformation that’s currently reshaping advertising. In fact, the concern many people currently express for the future of the media agency echoes the fears that once dominated financial services.

But online brokerages like eTrade didn’t put investment banks out of business. On the contrary, the same digital tools that brought us those online trading portals simultaneously opened up a new class of retail customers and helped investment banks thrive as market experts for institutional investors.