I hate taxes!
Seriously, it was a great informative video. Thanks. I hope I never have an opportunity to use it.
You did however miss the most important tax topic. You didn't even mention Gainskeeper. I strongly suggest other users just bypass the whole paper 1099 and use the Scottrade web-based tool to export your tax information to Turbo Tax or Tax Cut. The way I do it is to export it to a known place on my hard drive, and direct the tax software to its exact location. (Maybe you Scottrade guys could work closer with the Tax Cut or Turbo Tax guys to make this even easier, where the tax software automatically searches in some "Scottrade area" of my hard drive for the old trade data?)
It's important that you show customers how to do this, because once you export your 1099 info to tax software, you can then use your tax software to file electronically - effectively bypassing the book-sized 1099's that traders get.
Once customers get the hang of exporting data to tax software, and filing electronically, they'll feel more comfortable day trading. That means more commissions for Scottrade, and less fear for customers to make large numbers of trades.
One last comment/concern about taxes. If you export all the 1099 data to popular tax software, shouldn't it be possible for the software to come up with the best accounting method to reduce tax liability? After all, there are many legal accounting procedures that can be used (i.e., first in, first out), and you want to make sure Scottrade customers are exporting ALL the relevant information so that the tax software can use the best possible accounting methods. I'm definitely not a tax accountant, but I think there is some room for improvement in the whole filing process by using the best accounting procedures, isn't there? I don't know if that would involve Scottrade needing to export more data,(i.e., time of day trade was made) or whether the tax software guys already have all the data they need??? It's an interesting question that I always ponder during tax season.
I have been told by more than one branch guy that Scottrade does not own gainskeeper, but that it is a tool they have bought for the use of their customers. When I ask if something can be done to improve it, I quickly get a response something like: "It's not our tool, so don't look a gift horse in the mouth". Bad attitude, if you ask me. Most of the time these branch guys bend over backwards to help me with whatever I need, but not with Gainskeeper or Trade Ideas.