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Axos Financial gets E*Trade RIA custody unit at $220-million discount from discount broker's 2018 price -- all but assuring it'll be accretive by 2023, its maverick CEO says

The Las Vegas banking company is paying just $55 million cash for $23 billion in RIA/TAMP assets and 200 relationships from the old Trust Company of America unit with ex-McKinsey Greg Garrabants leading the unlikely charge

Author Brooke Southall April 27, 2021 at 11:04 PM
Admin:
no description available
Gregory Garrabrants: The addition... significantly accelerates our time-to-scale in this business..

George Papadopoulos

George Papadopoulos

April 28, 2021 — 11:23 AM
I had some really aggressive outreach by E*Trade marketing folks to switch custodians right after the Schwab/TD transaction. So glad I did not follow up at all. I feel for fellow RIAs going through all this mess...

Related Moves

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

In RIA custody milieu, Charlie Scharf's BNY Mellon exit for Wells Fargo is latest unforeseen vapor trail after Lisa Dolly, Tim Hockey, Terri Kallsen, Andy Gill and others fade into the firmament

The CEO-for-rent will face a monumental challenge turning around Wells Fargo, but perhaps not as bleak a landscape for profit margins; Is the RIA free ride coming to an end?

October 1, 2019 at 1:06 AM


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