The Internet is changing how information is delivered to investors and the ways in which investors can act on that information. It has lowered both the fixed and marginal costs of producing financial services, thus enabling newer, smaller companies to challenge established providers of these services. On-line brokerage firms, such as E*Trade and Ameritrade, are among the most vivid and successful financial service firms to emerge in the last decade. Other firms, which provide on-line financial advice, research tools, and financial information, have also emerged. These e-commerce firms are transforming the way traditional services are delivered and offering a vast assortment of new services.