Folio Investing, based in McLean, Va., has acquired the brokerage assets of Loyal3, a San Francisco-based online broker-dealer, Folio announced Wednesday.
Folio acquired more than 200,000 brokerage accounts from Loyal3. The terms of the deal were not made public.
Peter Jacobstein, senior vice president of Folio Investing, says, “This acquisition furthers Folio Investing's mission of enabling smarter investing, strengthens our presence in the online brokerage space and helps us grow."
This transition comes on the heels of Folio acquiring First Affirmative Financial Network, an RIA firm that specializes in sustainable, responsible and impact investing.