E*Trade completed its $275 million acquisition of Denver-based Trust Company of America this week, bringing its $18.3 billion in institutional assets, $1.6 billion in customer cash and 200 registered investment advisors under the new umbrella. TCA, which was founded in 1972, long differentiated itself from the big box custodians by not having a discount brokerage or automated advice platform. E*Trade has both. “TCA makes our investing advice continuum more complete, enabling us to serve a broader base of clients, from self-directed investors seeking best-in-class digital platforms and guidance, to investors who seek higher-touch relationships and advice,” E*Trade CEO Karl Roessner said in a statement.
Derek Bruton, who stepped down as head of LPL Financial’s independent advisor services in 2014, has joined Chalice Wealth Partners, a fintech membership organization for registered investment advisors, as managing partner and chief operating officer. Bruton will also serve as president of the firm’s broker/dealer and RIAs. Most recently, he was managing director at Oppenheimer & Co. On Tuesday, Chalice announced the launch of Chalice Financial Network, a shared-services technology platform for members. Through the integrated platform, members can access a full suite of technology tools and services via a single sign-on. Chalice was founded by Chairman and CEO Keith Gregg, who launched Wells Fargo’s independent b/d, and Anthony Nanula, who co-founded Essex Homes of WNY, Inc. and American Coastal Properties, a Southern California-based luxury real estate development company. Aaron Schumm, who founded Vestwell, is a director at the firm.
A veteran broker in the Washington D.C.-area has founded his own financial planning and investment app, called 1787fp, according to ARLnow.com, a local Arlington, Va. news website. Jean Jacques Borno, who previously had stints at LPL, Morgan Stanley and Merrill Lynch, built the app because he thought the large companies were really missing the boat.“The app contains three components. The first is a free financial planning and budgeting tool. The second, a premium feature, helps users manage and create a financial portfolio. The third is a free service for users to check their credit score,” according to the report. Like other tools, Borno said his company’s app gives investors access to a diversified investment portfolio and planning tools previously available to only wealthy clients. The name 1787fp was derived from the year the U.S. Constitution was written and the initials for “financial planner.”