Deals and People

Retirement Industry People Moves

Acquisition of MarketRiders Boosts Offerings; GW&K Appoints New Partners; Apriem Advisors Appoints VP of Wealth Management; and more.

By Javier Simon editors@strategic-i.com | March 03, 2017
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Acquisition of MarketRiders Boosts Offerings

Former Scottrade executives Jonathan Yao and Kristopher Wallace announced the acquisition of the robo-advisory firm MarketRiders. It was acquired through its parent company Sogo Financial Group, which also owns the discount broker SogoTrade.

“For nearly 10 years, MarketRiders has provided its Do-It-Yourself clients with powerful portfolio building tools,” says Wallace. “MarketRiders is now introducing its new managed portfolio service—where we help investors build portfolios and then manage and periodically rebalance the portfolios for them.” 

MarketRiders will buy and sell exchange-traded funds (ETFs) for their clients and automatically rebalance for them, eliminating the need for clients to manually enter trades. Managed account holders will no longer owe subscription fees or trade commissions. Instead, they will be charged an annualized fee.

Yao, SogoTrade’s CEO since 2014, was previously the director of Scottrade’s Asia Pacific operations, where he built a $5 billion division within Scottrade. 

“With the addition of MarketRiders, we can now provide SogoTrade customers with multiple ways to trade and invest,” says Yao. “We offer great technology coupled with SogoTrade’s outstanding customer service. We’re very excited to offer our customers advanced trading and managed solutions to help them meet their financial goals – both in the near term and for retirement.”

NEXT: GW&K Appoints New Partners