ShareBuilder, Wal-Mart Team Form Investment Alliance
BELLEVUE, Wash. -- Wal-Mart Stores Inc. has partnered with discount brokerage ShareBuilder Corp. to offer low-cost investment services, marking the retailer's initial expansion of its financial-services offerings since abandoning its bid to start an industrial bank, the Wall Street Journal recently reported.
ShareBuilder won't share revenue from the service with Wal-Mart because of securities regulations prohibiting such arrangements, said Jeff Seely, ShareBuilder's chairman and chief executive, the publication reported. Wal-Mart introduced the service, titled Wal-Mart Easy Investing by ShareBuilder, early this month with a link on its Web site. It soon will begin promoting the service in its U.S. stores, too.