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
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
“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
NEXT: GW&K Appoints New Partners