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Etrade should buy Covestor

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Etrade needs stronger retail, DIY asset management

Etrade's super strong in DIY brokerage but the business has stalled. DARTs and margin interest aren't growing right now. Further, retail, high frequency traders aren't as sticky a business they once were.

Covestor has developed an Etrade-like interface that allows investors to choose multiple emerging fund managers with the click of a button.

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Covestor is an online platform that opens up traditional money management services to a wider public by allowing its members to mirror the strategies of proven investors, trade for trade, from the comfort of their own accounts. Users can automatically match the real trades of successful investors, or can share portfolios and earn fees for the hard work they are already doing. Great Individual or professional investors join Covestor to share their investments. They either manage Investment Models (where they earn fees for each subscriber who mirrors their portfolio) or can build a free Personal Track Record of their own brokerage account. Stock portfolios are tied directly to members’ actual equity accounts (eTrade, Scottrade, etc.). Using a secure data import provided by Yodlee, allowing members to automatically create a verified record of their performance. Clients of Covestor, an SEC registered Investment Advisor, open Mirroring Accounts where the moves of the investors they choose are auto traded for them in their own accounts in near real time. They can choose from hundreds of highly respected professional money managers, as well as non-professionals with proven track records. Covestor charges a simple management fee for each subscription, and shares the fees it generates with the managers. Over $500 million dollars in securities are shared through the service. Its members are located in more than 100 countries and hold positions in over 10,000 different securities. All securities in mirroring accounts are purchased in the clients name and held in custody at an independent broker-dealer. Competitors include Fidelity, Puttnam, Oppenheim and Vanguard.


The E*TRADE FINANCIAL family of companies provides financial services including online brokerage and related banking products and services to retail investors. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries. Market Commentary provided by E*TRADE Capital Management, LLC, a registered investment adviser affiliate registered with the SEC. E*TRADE Securities, E*TRADE Bank and E*TRADE Capital Management are separate but affiliated companies.

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