In cooperation with Ernst & Young and Financial Engines, E*Trade is launching a new advice service for its mutual fund clients. The new product is called E*Trade Advisor, and it is rolling out to all customers later this quarter.

The new service will be a blend of human and electronic advice. The service is currently available to mass affluent households. It is designed to address a client's needs concerning financial planning for major life events.

The Advisor aggregates information from all of the customer's accounts -- those within E*Trade as well as without -- and makes recommendations based on that data as well as risk tolerance.

"The launch of E*TRADE Advisor is an historic moment for our Company that reinforces our position as a global leader and innovator in financial services," contended Christos M. Cotsakos, chairman of the board and ceo at E*TRADE. "As we once revolutionized the online trading and banking industries, E*TRADE continues to change the way people plan for their future. By taking our financial services offering to the next level through the addition of innovative advice capabilities, we are delivering on our commitment to meet the changing financial needs of our customer households." 

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