Waddell & Reed, Inc. today announced a strategic relationship with AmeriVest, Division of Ameritrade, Inc., through which AmeriVest will provide Waddell & Reed clients with an opportunity to open private-labelled brokerage accounts. Under the arrangement, Waddell & Reed financial advisors will refer clients needing personal brokerage services to AmeriVest to trade or hold individual securities. AmeriVest will be responsible for providing the brokerage services.
“This partnership helps ensure that our clients can fulfil their investing needs through their relationship with their financial advisor,” said Thomas Butch, executive vice president and chief marketing officer with Waddell & Reed, Inc. “It also extends the Waddell & Reed brand and aligns us with a high-quality brokerage provider.”
Historically, Waddell & Reed financial advisors have provided a full range of personal financial planning services, including retirement planning, education funding strategies, basic investment tax strategies and insurance (through arrangements with insurance companies). The relationship with AmeriVest provides clients access to self-directed brokerage products and services, which are not offered by Waddell & Reed advisors. With the new program, each client may access the private-labelled Personal Brokerage Services website, hosted and operated by AmeriVest, via a link on Waddell & Reed’s public website. Trading and all brokerage duties are fulfilled through AmeriVest, Butch said, while the Waddell & Reed financial advisor provides personal service and assistance with the account set-up.
The Personal Brokerage Services program does not impose a minimum cash balance to open an account and there is no minimum account balance or minimum number of trades required to maintain the account. All client asset information is available to the Waddell & Reed financial advisor.
Clients can choose from a variety of trading options, including online through their Personal Brokerage Services website, Interactive Voice Response system through a toll-free number, or broker-assisted trading directly through an AmeriVest broker.