In a months-long anticipated move, E*Trade Financial Corporation has officially launched a program to connect advisors to E*Trade clients who needed personal service, the firm announced Tuesday.
The move is another of the major changes for E*Trade that have been announced in recent months.
The new service, E*Trade Advisor Network, is a national referral program that connects independent financial advisors to potential clients who need wealth management services beyond the scope of the E*Trade in-house offerings.
Advisors who participate in the program will have access to investors who desire holistic wealth management solutions. Included as charter national members in the Advisor Network are Edelman Financial Engines and Mercer Advisors.
“The E*Trade Advisor Network offers a new avenue for our branches to help clients with more complex needs,” said Matthew Wilson, senior vice president of brokerage at E*Trade Financial. “We look forward to developing even deeper connections with advisors on our platform while providing access to clients who need help managing their portfolio and their financial lives—from wealth management to estate planning.”
E*Trade serves roughly 4.9 million brokerage accounts and 1.7 million stock plan accounts over the phone, online, and in-person at two national branches and 30 E*Trade branches across the United States.
In April, E*Trade bought Trust Company of America, which became TCA by E*Trade. The Denver-based company provides custody services and technology to the independent RIA market. TCA by E*Trade has $17 billion in institutional assets under custody and more than 180 RIAs on its platform. These RIAs include about 7,000 financial advisors.
Then last month, Edelman Financial Engines announced a partnership with TCA by E*Trade for custody, technology and practice management support services, making Edelman Financial Engines a charter member of the new Advisor Network.
The referral network launches amid a number of other enhancements rolled out by TCA by E*Trade. Most recently, TCA by E*Trade nearly doubled the funds available in its ETF Custody Advantage program and added four third-party money managers to its Money Manager X-Change program.