Just another mention of Gomez Advisor. See the bio section on E-trade.
E*Trade Plays Integral Role in Award to
Hewlett-Packard Credit Union Alliance; Accolade
Reflects Successful Expansion of Corporate Service
Offerings
February 15, 1999
PALO ALTO, Calif., Feb. 12 /PRNewswire/ via NewsEdge Corporation --
E*TRADE Group, Inc. (Nasdaq: EGRP) today announced that the National
Association of Federal Credit Unions (NAFCU) has recognized Hewlett-Packard's
Addison Avenue Financial Partners (AAFP) credit union consortium and its
financial services vendor partners CUSO Financial Services (CFS) and E*TRADE
for innovative use of technology to benefit credit unions and their customers.
Hewlett-Packard's credit union consortium, collectively known as Addison
Avenue Financial Partners, Inc., received the NAFCU's Technology Innovation
Showcase award earlier this week.
The award recognizes the alliance's work to develop a program which provides
credit union customers with the option of self-directing their own investments or
utilizing a CFS licensed broker for traditional advice-based accounts.
Under the program, CFS transactions for Hewlett-Packard's Addison Avenue
customers are cleared through E*TRADE. In addition, E*TRADE is finalizing
development of a customized, CUSO-branded web interface for credit union
customers using the self-directed route. E*TRADE entered the alliance with CFS
in May 1998, and has been providing clearing services for CUSO since July 1998.
In evaluating award entrants, the NAFCU examines technology innovations that
directly benefit credit unions and their members, as well as have cross
applications with other unions ultimately benefiting the entire industry.
"The ability of AAFP, CFS and E*TRADE to retool and integrate two distinctly
different distribution systems under one roof -- a self-directed option and a
full-service financial advice option --is unique in the financial services industry and
truly visionary," said Peter W. Snyder, President of AAFP. "Hewlett Packard
employees now have access to an exemplary investment services program as a
result of this leading-edge strategy."
"E*TRADE is proud to have participated in this unique alliance," said E*TRADE's
Bill Johnson, Managing Director and Vice President of E*TRADE Global Clearing
and Settlement. "Our work with the Hewlett Packard AAFP/CFS consortium is
another example of E*TRADE's efforts to diversify and expand our corporate
service offerings." In a related move to expand presence in the corporate
marketplace, E*TRADE in early 1998, created the Business Solutions Group
which provides corporations with automated solutions for stock plan management
and stock options plan management.
Snyder accepted the award on Wednesday on behalf of Hewlett Packard's
individual credit union organizations at the opening session of "NAFCU's
Technology '99" Conference" at the McEnergy Convention Center in San Jose,
with E*TRADE President and Chief Operating Officer Kathy Levinson in
attendance. The NAFCU Conference is a gathering of more than 250 managers of
the nation's employee credit unions.
About AAFP
Hewlett -Packard's four employee credit unions recently joined together to form a
company called Addison Avenue Financial Partners, Inc. (AAFP). AAFP offers
credit union members' investment and brokerage services, as well as, financial
planning and education. AAFP has contracted for broker-dealer services to be
provided through CFS.
AAFP services will be accessible through Investment Access Centers located at
affiliated credit union branch offices throughout the U.S. Each center will be
staffed with an Addison Avenue Financial Consultant and/or a Financial
Education Assistant, all of whom are Addison Avenue employees, licensed by
the National Association of Securities Dealers (NASD) and knowledgeable about
its various companies' benefit and retirement programs.
About CFS
CFS, based in San Diego, CA, operates a securities broker-dealer and
investment advisory service for credit unions. CFS has developed a core
technology base for addressing the needs of its financial consultants with an aim
to integrate products and services with their credit union partners. CFS developed
a service platform whereby their systems are based around an Internet
technology in order to accomplish these goals.
Unlike traditional relationships with third-party marketing firms offering investment
products and services, credit unions may take an ownership position in CFS,
giving them the opportunity to share in the profits and capital appreciation of the
firm without incurring the liability involved in forming their own broker-dealer.
About E*TRADE
A leading branded provider of online investing services, E*TRADE has
established a popular destination Web site for self-directed investors. The
Company offers independent investors the convenience and control of automated
stock, options and mutual funds order placement at low commission rates.
In addition, E*TRADE has a suite of value-added products and services that can
be personalized, including portfolio tracking, real-time stock quotes, Smart
Alerts, market commentary and analysis, news, investor community areas and
other information services. E*TRADE was ranked the number one overall online
brokerage service in two consecutive quarterly reviews conducted by Gomez
Advisors, a leading independent authority devoted to online financial services
(Q3/Q4 1998). In October 1998, the E*TRADE Web site also was named the
number one online investing site in an international survey of the industry's top 20
Internet brokerage firms by Lafferty Information and Research Group, a global
provider of high-value and business information research.
Investors can access E*TRADE at www.etrade.com on the Internet and through
many other electronic channels and online services, including AOL (Keyword:
E*TRADE). E*TRADE Securities Inc. (Member NASD/SIPC), and its parent
company, E*TRADE Group Inc., are headquartered in Palo Alto, Calif.
Important Notice
E*TRADE is a registered trademark of the Company. All other Trademarks are
properties of their respective owners. The statements contained in this news
release that are forward-looking are based on current expectations that are
subject to a number of uncertainties and risks, and actual results may differ
materially. The uncertainties and risks include, but are not limited to, changes in
market activity, market acceptance of the new E*TRADE destination web site,
anticipated increases in the rate of new customer acquisition, the conversion of
new visitors to the site to customers, seasonality, the development of new
products and services, the enhancement of existing products and services,
competitive pressures (including price competition), system failures, economic
and political conditions, changes in consumer behavior and the introduction of
competing products having technological and/or other advantages. Further
information about these risks and uncertainties can be found in the information
included in the annual report filed by the Company with the SEC on Form 10-K
(including information under the caption "Risk Factors") and quarterly reports on
Form 10-Q.
SOURCE E*TRADE Group, Inc.
/CONTACT: Ken Sporleder, 650-328-5555, ext. 129, ksporled@nealemay.com,
or Russell Simon, 650-328-5555, ext. 141, rsimon@nealemay.com, both of
Neale-May & Partners for E*TRADE Group, Inc./ /Web site:
etrade.com (EGRP)
[Copyright 1999, PR Newswire]
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