@FFailingsRIP $9.50 trades? That is an interesting question.If...

@FFailings
RIP $9.50 trades? That is an interesting question.
If they charge Bell Direct brokerage on SW accounts, they will lose a lot of clients, so that is probably unlikely (at least not immediately).
They may make more modest changes (perhaps over time).
On the flip side, BFG would not want the new SWF deal to cannibalise existing BFG clients due to cheaper brokerage at SWF.
SWF has a pay of "Premium Service" model which may be the way that they differentiate the two platforms/brokerage rates.
In addition to free research access, Bell Direct also pays (modest) interest on idle cash.

Another interesting nuance is that SWF are in the process of attracting SMSF and other higher net worth accounts, and this appears to be their core strategy.
SWF introduced (direct contact) Relationship Managers for a client-subset (high net worth?, frequent traders?, etc.?), as well as financial reporting interfaces for SMSF reporting software providers.

I'm inclined to think that $9.50 trades are unlikely to bite the dust (at least not immediately). However, that may be wishful thinking on my part