An additional $500,000,000,000. goes into the stock market each year ( IRA, 401K, Pensions ) and Wall Street gets their share via commissions.
If investors would pick a few stocks for their portfolios and hold them for 5 or more years, Wall Street and most banks would starve to death.
With a estimated $30 Trillion in the stock market a .05% commission, Mgmt., or Fund fees adds up to a whopping $1,500,000,000,000.00 a year.
No wonder why they want you to trade 4 or 5 times a year