In 2005, Scottrade launched its Scottrade Advisor Services division, aiming to become a low-cost provider of custodial services and institutional trading to RIAs. Since then, Scottrade Advisor Services has been particularly successful in attracting smaller, state-registered RIA firms. With more than 1,250 advisors now on its platform, Scottrade Advisor Services ranks fifth in terms of the number of independent RIAs it serves, behind Schwab, TD Ameritrade, Fidelity and Trade PMR.
Although Scottrade Advisor Services generally gets good marks from advisors on price and service, it has trailed in advisors satisfaction with its technology offerings. In last years Financial Planning Tech Survey, for example, Scottrade was the only custodian among the top eight (as measured by the number of advisors on the platform) that had fewer than 20% of advisors very satisfied with its technology offering.
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