to discuss, i'm joined by bloomberg's john gittelsohn in los angeles. en talking about this for ages. is charles schwab playing catch-up or are they leading the industry on this? john: they are saying they are feeling pressure from newcomers to the neighborhood. companies like betterment, robin hood are offering free services so charles schwab is saying this is happening anyway so let's get ahead of it. "why wait?" was the word from the chief financial officer of schwab. taylor: how long can all of these companies survive if i am not paying to use them? john: that is a really good question. we will see. i think there will be a lot of consolidation in the industry. the ones that cannot figure out a model to survive, they won't survive. we don't know. e*trade has talked about being a target for acquisition for a long time. schwab has other sources of revenue. it mainly operates like a bank and gets the majority of its income from net interest margins. in other words, a lot of the account holders have cash accounts and it makes money on the interest spread.