While Scotiabank purchased ETrade last July, the new name gives Scotiabank another opportunity to talk to media about the bank's new, affordable approach to online investing. “The real purpose of buying ETrade—and bringing it into our family of brands—is to demonstrate Scotiabank's commitment to providing top-ranked online brokerage services to independent investors,” said Frank Switzer, Scotiabank's director of public affairs. The strategy appears to be working, with new investment account openings at Scotiabank up 75% this quarter versus the previous one (and up 62% from a year ago).
Media outreach will continue throughout the year, since Scotiabank also plans to roll its other two other brokerage platforms—Scotia McLeod Direct Investing and Trade Freedom—into Scotia iTrade later this year, said Switzer.
Scotiabank's in-house PR staff partnered on media outreach with Narrative Advocacy Media, the PR division of Bensimon Byrne, Scotiabank's advertising agency of record. (The iTrade advertising launch, however, was handled by Capital C.) Narrative focused its media outreach on online trade publications.