E-Trade & EY: Match Made in Financial Heaven?

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It has just been announced that Internet securities broker E-Trade and Ernst & Young will partner to form a new venture handling financial advisory services.

Each company will put up $25 million for the new company, which has not yet been named. It is expected to become operational by the end of 2000.

E-Trade's interest in the partnership rests with delivering its customers more financial planning services than it currently offers online. By teaming with EY, E-Trade now can refer its customers to the Big 5 firm for additional opportunities.

E-Trade will employ an online, virtual-environment interface developed by EY so that customers can determine their needs.

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