ST. LOUIS--(BUSINESS WIRE)--As Scottrade Financial Services continues to evolve its business, the firm today announced that it reached key growth milestones at Scottrade Investment Management and Scottrade Bank. Scottrade Investment Management, the registered investment advisor, surpassed $2 billion in assets under management and Scottrade Bank exceeded $3 billion in total loans.
While Scottrade has a long history as a brokerage providing easy and trusted access to the markets, the company has evolved to provide even more of what clients want. The firm offers four key lines of business, including investment management, trading, banking and custodial and institutional services.
Scottrade Investment Management Surpasses $2 Billion in Assets
Today’s announcement underscores that more and more clients are coming to Scottrade for help with their retirement and finding a wide range of solutions meeting their needs. These solutions include managed portfolios and advice through Scottrade Investment Management, the registered investment advisor founded in 2014 as an affiliate of Scottrade, Inc. In the summer 2015, Scottrade Investment Management surpassed $1 billion in assets under management, and in less than a year has surpassed $2 billion.
“We are excited to have met this milestone in such a short amount of time and are honored that our clients trust us to help manage their financial futures,” said Peter deSilva, president of Scottrade, Inc. "Our evolution into guidance is a direct and natural response to our clients’ needs. We’ve always walked alongside them on their financial journeys, this is just another step.”
In Scottrade branches nationwide, clients can speak with an investment consultant – often, someone they have known and worked with for years – to help them understand their needs and then work with a member of the SIM Guidance Solutions Group to determine whether solutions like a managed portfolio or a referral to an investment advisor is right for them and develop a plan that meets those needs.
“The momentum we’ve seen in both our managed portfolios and guidance solutions offerings has been significant,” added deSilva. “We’re deeply encouraged by the client response and look forward to working with clients as they plan for the future.”
Scottrade Bank One of the Largest Banks in the U.S. Formed since 2008
Growth at the firm is not limited to investment services. Scottrade Bank has seen significant growth since it began offering banking services to Scottrade brokerage clients in 2011. In fact, Scottrade Bank is one of the largest banks in the country, as measured by total assets, founded in the last few years.
In addition to retail deposit and online banking services to brokerage clients, the bank also offers robust lending solutions to clients nationwide. Today, the bank reports total loans and leases of more than $3 billion – an increase of over $1 billion since 2013.
An area of focus for the bank’s lending business has been Scottrade Bank Equipment Finance. It was recently ranked number 72 in sales volume and number 65 in new business volume on the 2016 Monitor 100 ranking, published by the trade publication The Monitor. The ranking lists the 100 largest equipment finance and leasing companies in the United States by annual volume and asset size.
“Scottrade Bank is bigger than you think and we’re bringing more value to our clients and their communities than you may have realized,” said Chris McComish, Scottrade Bank president. “We couldn’t be more pleased that clients see the value in placing their money at Scottrade, and we look forward to expanding our services so that they can manage their accounts in the ways that work best for them.”
The driving goal of the Bank has always been to make the client experience seamless and simple – allowing clients to access their money where and when they need it. In 2016, Scottrade Bank rolled out mobile check deposit and Apple Pay® on the retail side to help clients more easily manage their bank and brokerage accounts. Looking to the future, the bank will continue growing by adding products and services that make sense for its clients.
Reaching these milestones at the Bank and SIM comes on the heels of other exciting news at the company, demonstrating Scottrade is constantly working to exceed client expectations. Just last week Scottrade, Inc. announced it is reducing option contract fees to $0.70 and that the company is refreshing its website with a new look and feel. Earlier this year, clients ranked the brokerage “Highest in Investor Satisfaction with Self-Directed Services” in the J.D. Power 2016 U.S. Self-Directed Investor Satisfaction StudySM. .
To learn more about Scottrade Financial Services, Inc., visit about.scottrade.com.
About Scottrade Financial Services, Inc.
Scottrade Financial Services, Inc. is a privately-held holding financial services firm with four key lines of business: Scottrade, Inc., a leading brokerage company; Scottrade® Advisor Services, a division of Scottrade, Inc., which serves registered investment advisors; Scottrade Bank, a provider of online retail banking products and services, commercial lending and commercial equipment financing; and Scottrade Investment Management, providing investment guidance services. Scottrade, Inc. works with more than three million retail clients to provide the trading services and investment solutions they need to overcome barriers to financial success. Scottrade pairs its large nationwide branch network with advanced online products and services to help clients gain insight into the market and react quickly to trading opportunities. Scottrade Financial Services, Inc. is based in St. Louis, Mo. For more information, visit about.scottrade.com or www.scottrade.com. To learn more about career opportunities at Scottrade, visit careers.scottrade.com. Brokerage products and services offered by Scottrade, Inc.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade® Options Application and Agreement, Brokerage Account Agreement, by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy by contacting Scottrade. Supporting documentation for any claims will be supplied upon request. Consult with your tax advisor for information on how taxes may affect the outcome of these strategies. Keep in mind, profit will be reduced or loss worsened, as applicable, by the deduction of commissions and fees.
Guidance Solutions from Scottrade Investment Management and Advisor Access from Scottrade Investment Management are investment advisory services offered by Scottrade Investment Management, Inc., a registered investment advisor. Brokerage products and services are offered through Scottrade, Inc., member FINRA / SIPC, while advisory services are provided by Scottrade Investment Management, Inc. Scottrade Investment Management, Inc. and Scottrade, Inc. are both wholly owned subsidiaries of Scottrade Financial Services, Inc. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business.
Scottrade received the highest numerical score in the J.D. Power 2016 Self-Directed Investor Satisfaction Study, based on 4,242 responses measuring 13 firms and the experiences and perceptions of investors who use self-directed investment firms, surveyed in January 2016. Your experiences may vary. Visit jdpower.com