The Tell: There’s been a quiet revolution on Wall Street—investors won

This isn’t your grandparent’s market.

Over the past several years, there has been a massive upheaval in the way individuals access and analyze financial markets, and in the myriad costs they pay for doing so. Overwhelming, the primary beneficiaries of these trends haven’t been the major Wall Street banks, or portfolio managers or financial advisers, but the investors themselves.

Even setting aside the multiyear bull market in the U.S. stock market, which has seen prices rise by a factor of four since the bottom of the financial crisis in 2009, investors have enjoyed a remarkably fruitful decade, one marked by tumbling fees and an explosion in new choices and strategies.

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