E-Trade Financial Corp. has announced plans to buy Retirement Advisors of America, a Dallas registered investment adviser, as part of a region-by-region expansion strategy.
When the deal closes in the third quarter, Retirement Advisors is to be combined into E-Trade Wealth Management, which manages assets for retail and corporate clients with at least $250,000 invested. The New York company's wealth management network has $3 billion of assets and includes three other wealth management firms.
Retirement Advisors of America has nearly 1,300 client relationships and $1 billion of assets.
E-Trade said in a press release that it would keep looking to buy wealth management firms in markets including New York City; Philadelphia; the District of Columbia; Atlanta; Orlando; Chicago; Denver; Scottsdale, Ariz.; and San Diego, Silicon Valley, and San Francisco, Calif.
