Morgan Stanley brings in ETrade executives

Morgan Stanley brings in ETrade executives
The investment bank is putting the finishing touches onto its $13 billion purchase of ETrade Financial, and has benefitted from ETrade’s direct, online access to a younger group of clients.
JUN 11, 2021

Morgan Stanley & Co. on Wednesday said it was adding a number of senior ETrade Financial Corp. executives as the firms continue their integration in the wake of last year's acquisition of ETrade.

Morgan Stanley is putting the finishing touches onto its purchase. In April, the wirehouse said it was selling ETrade's small but promising custody service, ETrade Advisor Services, for $55 million in cash.

The moves were outlined in an internal Morgan Stanley memo from Andy Saperstein, co-president.

"By joining forces with ETrade, we’ve established a dominant position in the Advisor, Workplace and Direct channels and we’re poised to continue leading and reshaping our industry," Saperstein wrote. "Over the past year I’ve really enjoyed getting to know our new colleagues from ETrade. I’ve been deeply impressed by the talent in the organization."

Chad Turner, ETrade's CFO, will lead the digital direct business; Andrea Zaretsky, ETrade's chief marketing officer, will be in the same position for wealth management. Another seven ETrade executives were also given Morgan Stanley spots.

Morgan Stanley said in February 2020 that it was buying ETrade Financial for $13 billion in stock. The investment bank has benefitted from ETrade’s direct, online access to a younger group of clients, but the financial advice industry was watching the merger closely.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave