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Decline in the Ranks of Advisers May Boost Online Brokerage Activity

When ING Direct announced earlier this year that it was committed to growing online brokerage firm ShareBuilder Corp. despite news

By Michelle A. Samaad | Updated on August 04, 2009

When ING Direct announced earlier this year that it was committed to growing online brokerage firm ShareBuilder Corp. despite news that it would have to eliminate 7,000 jobs, some credit unions wondered if they were getting mixed signals.

ShareBuilder had 125 credit union clients when it was acquired by ING in 2007. The relationships dropped to 50 by January as the online brokerage firm made adjustments with its co-branded partnerships. At the time, ShareBuilder said it had set a growth target of at least 20% for this year.

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