As Scottrade Financial Services continues to evolve its business, the firm today announced that it reached key growth milestones at Scottrade Investment Management and Scottrade Bank. Scottrade Investment Management, the registered investment advisor, surpassed $2 billion in assets under management and Scottrade Bank exceeded $3 billion in total loans.
“We are excited to have met this milestone in such a short amount of time and are honored that our clients trust us to help manage their financial futures,” said Peter deSilva, president of Scottrade, Inc. "Our evolution into guidance is a direct and natural response to our clients’ needs. We’ve always walked alongside them on their financial journeys, this is just another step.”
Growth at the firm is not limited to investment services. Scottrade Bank has seen significant growth since it began offering banking services to Scottrade brokerage clients in 2011. In fact, Scottrade Bank is one of the largest banks in the country, as measured by total assets, founded in the last few years.
In addition to retail deposit and online banking services to brokerage clients, the bank also offers robust lending solutions to clients nationwide. Today, the bank reports total loans and leases of more than $3 billion – an increase of over $1 billion since 2013. An area of focus for the bank’s lending business has been Scottrade Bank Equipment Finance. It was recently ranked number 72 in sales volume and number 65 in new business volume on the 2016 Monitor 100 ranking. The ranking lists the 100 largest equipment finance and leasing companies in the United States by annual volume and asset size.
“Scottrade Bank is bigger than you think and we’re bringing more value to our clients and their communities than you may have realized,” said Chris McComish, Scottrade Bank president. “We couldn’t be more pleased that clients see the value in placing their money at Scottrade, and we look forward to expanding our services so that they can manage their accounts in the ways that work best for them.”