It was a tough quarter for small investors in stocks. But for shares of mass-market advisers and brokerages, it was pretty great.
Shares of online brokerage providers such as Charles Schwab Interactive Brokers Group and Robinhood Markets were all up by double digits in the third quarter, as were brokers providing investment advisory and management services such as LPL Financial and Raymond James. Morgan Stanley owner of E*Trade, was up almost 4%. Meanwhile, the KBW Nasdaq Bank index was down 5% in the quarter.