Initial Feedback Good
October 22, 2001
While it is still too early to gauge the success of the new site, Farragher did say that clients who have tried it have gotten hooked on Web trading and enjoy other features, such as downloads of the previous day's transactions. Ninety-five percent return to the site to trade again, he says.
Such benefits for the clients also represent savings for the firm. He estimated that Rydex will save approximately $200,000 annually, "not small potatoes to a small fund organization."
Web trading, long a feature of Rydex's sites, is now accompanied with database-driven information, white papers and a plethora of fund statistical information. Rydex hired Web consultant kasina to help with the new design.
While the Internet may be important to Rydex and its new marketing focus, it still isn't everything, Farragher said.
"I don't pretend that this is the only way that we would interact with an advisor or broker-dealer," he said. "It's a great place for them to come to get quality content, but there's more to the advisor relationship than just a Web site. Phone contact, paper contact, in-person contact are essential, and these all form a ring of safety within which our clients or retail shareholders can operate."