The veteran of the online trading industry, Don Montanaro, has been appointed as the President of the US-based online brokerage firm Firstrade. He brings over 30 years of experience in areas like strategic planning, marketing, risk management, and regulatory compliance.
Online Trading Veteran Named President of Firstrade
Montanaro has previously held leadership positions at companies like TradeKing, which he founded and sold to Ally Financial in 2016. In the following years, he worked for various financial firms, including Ally, Velocity Capital, and 8 Securities. Since August 2019, he has been associated with the neobank BUX as a Non-Executive Director.
As the President, Montanaro will be responsible for supporting Firstrade's current and future clients, as well as driving new growth initiatives. In a statement, he said he is "honored to assist in leading the company into its next phase" on the eve of its 40th anniversary in business.
“Don’s proven leadership in the online brokerage industry is unparalleled, and we are thrilled to welcome him to the Firstrade team,” said John Liu, the Founder, Chairman and CEO of Firstrade. “A proven leader, Don possesses a vision for innovation that aligns perfectly with our mission.”
Firstrade, which provides commission-free trading and no-fee IRAs, aims to give retail investors advanced tools to "confidently navigate their financial future.” It is a registered member of the USA FINRA.
Firstrade to Introduce Fractional Shares
In early November, the US-based company announced that it would soon add fractional shares to its offerings, following a growing trend in the industry. The launch was initially scheduled for December, but it seems to have been temporarily delayed.
Once it launches, Firstrade users can invest in stocks starting from $5, even in companies whose shares are valued much higher.
“This move isn’t just about offering more investment choices; it’s about making the market more accessible," said Liu. "Investors now have the opportunity to tap into prominent companies like Nvidia (NVDA) and Meta Platforms (META), which might have been previously out of reach due to their high per-share prices.”
Firstrade, like other traditional brokers and brokerage houses in the USA, is adapting its offerings to compete with the increasingly strong competition from commission-free financial apps. As applications like Robinhood and Revolut attract more clients, financial firms with long-standing experience are beginning to look for new solutions.
