Scottrade has been around for 35 years, and throughout that time they have evolved multiple times. The online broker announced a major change in the business in their business model earlier this week. Scottrade CEO Rodger Riney said, “Our clients have asked us for additional investment and guidance options. We are evolving the firm to offer broader solutions to help meet their needs.”
Scottrade now has four key lines of business organized under a holding company, Scottrade Financial Services, Inc.
The four businesses are as follows:
*Scottrade, Inc.- the brokerage line of the business
*Scottrade Advisor Services– Helps Registered Investment Advisors grow their businesses.
*Scottrade Bank- offers multiple retail services as well as commercial and equipment finance lending.
*Scottrade Investment Management- Investment portfolio guidance and personalized finance advice
Additionally, Scottrade announced that Erik Merkau is now the President of Scottrade Investment Management and Drew Dennison is the Chief Operating Officer and CFO.
Riney said these changes have been made to further try to meet the changing needs of their client base.
For the full press release from Scottrade click here.