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DLJ is top online broker
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February 17, 1999: 11:23 p.m. ET
Online service tops Gomez Advisors' Spring '99 rankings of Internet brokers
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NEW YORK (CNNfn) - After a tumultuous month on Wall Street marked by violent market swings and stomach-turning volatility, investors are relying more than ever on Internet brokers to provide swift and accurate execution of orders while billions of dollars hang in the balance.
And according to a report issued Wednesday by Gomez Advisors, there is one online brokerage that stands head and shoulders above its competitors: DLJdirect.
Concord, Mass.-based Gomez Advisors researches and compiles information on a broad range of e-commerce services. The company issues quarterly rankings of Internet brokers based on information it assembles in three ways: through direct examination of the site, a questionnaire, and telephone interviews with the brokers and customer service representatives.
With its tally of 7.65 out of a possible 10, DLJdirect captured the number one overall ranking by scoring top marks in nearly all of the categories used by Gomez to assess the rankings. Donaldson, Lufkin and Jenrette's Internet arm has been awarded top honors in five of the past seven quarters.
Finding an online broker with the technological capability to handle massive trading volumes has become increasingly problematic in recent months. Just ask the thousands of E*Trade subscribers left in the dark on more than one occasion recently when the company's computer systems shut down.
According to Gomez, "DLJdirect offers customers an excellent product with access to institutional research, IPOs, alerts, and life event planning tools. Its classic design allows amazing density of information on a page, without creating a navigational maze."
"This excellent offering was in the Top 5 in every Category and Customer Profile except Overall Cost and Hyperactive Trader," the report added.
Morgan Stanley Dean Witter's Discover ranked second with a score of 6.83, while E*Trade (EGRP), which Gomez ranked as the number one online trading firm last quarter, sank to third place in the latest study. E*Trade has suffered a number of outages recently.
The next three services were Datek, Schwab, and AB Watley, with scores of 6.77, 6.75, and 6.68, respectively.
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