Here’s the Skinny…
Last week we learned some good news for both USA Financial Portformulas and USA Financial Exchange – Our custodian, Trust Company of America (TCA), has signed a definitive agreement to be acquired by E*TRADE Financial Corporation.
We view this as a positive development as we believe the resources of E*TRADE will allow TCA to invest more in its innovative technology, valuable platform and in the top-notch service. Subject to regulatory approvals, we expect the transaction will close by the end of the second quarter of 2018.
We want to highlight some TCA features that will not change as a result of this transaction:
- TCA will be run as a standalone entity and the TCA brand will remain unchanged.
- The TCA leadership team will remain in place and will be able to continue to make decisions that are in the best long-term interests of your clients and your business.
- TCA will continue to be non-competitive. You should not expect your accounts to be directly contacted by TCA or E*TRADE selling any products or services as a result of the acquisition.
- TCA statements, tax forms, the client portal will remain the same.
- TCA’s fee structure will not change.
E*TRADE is committed to ensuring TCA has the people, systems, and technology it needs to solidify its status as an industry leader. Like TCA, E*TRADE is a leader in technology, and both organizations will benefit from its combined technological resources and experience. Over time, TCA will be designated as an E*TRADE company in its branding so you will be able to benefit from E*TRADE’s national brand recognition.
We expect this change to ultimately enhance the benefit and value you already experience in dealing with USA Financial Exchange and/or USA Financial Portformulas as we continue to partner with TCA. No doubt we will be in touch with more information as second quarter 2018 arrives.
That’s the Skinny,