E*Trade Group, Inc. (Nasdaq: EGRP) rose 1 1/16 to close at 15 15/16 Tuesday after announcing a personal finance joint venture with financial services firm Ernst & Young LLP.
The companies will each contribute $25 million to create a personal electronic advisory service for E*Trade customers. The service will offer individual investors a range of financial planning services, including homebuying, tax and estate planning and retirement planning. Advice will be available online or in person.
“Customers will now be able to conveniently log onto E*Trade to obtain not only the electronic access and tools to invest any time, anywhere from any device, but also the expert advice to help them effectively map out their financial futures,” said Chairman and Chief Executive Officer Christos M. Cotsakos.