Scottrade reports strong Q1 results
25 April 2006 | 1433 views | 0
Scottrade, Inc., a leading online and branch-supported online brokerage, reported significant increases in accounts, customer assets and trade volumes for the first quarter of 2006 that ended March 31.
Customer assets grew to over $51 billion, up from $32.5 billion for the same period last year, an increase of 45 percent. Client trade volumes rose to an average of 144,000 per day, an increase of 49 percent over the same period in 2005.
"Investors have responded very well to our delivery of the highest rated customer service and newest technology, while remaining the best value in the marketplace," said Rodger Riney, Founder and CEO of Scottrade.
Additionally, the firm opened 12 new branch offices, an industry-leading rate of one per week for a total of 262 locations in the U.S. at the end of the quarter. The firm now boasts the second largest network of branches among the online brokerage industry.
The firm's active accounts increased to 1.48 million in the first quarter, up 28 percent, and were largely bolstered by strong reception to the firm's advertising and very high word of mouth referrals.
"It's a powerful message to be both the leader in client satisfaction and the price leader for online investing services. Our clients have become great advocates for us," said Chris X. Moloney, Scottrade's Chief Marketing Officer.