E*Trade replaces baby with Spacey to lure mature investors

(Bloomberg) — E*Trade Financial Corp., represented for the past six years by an arrogant talking baby, hired actor Kevin Spacey as a pitchman to appeal to investors who want help planning for retirement.

The Internet brokerage retired its infant mascot after replacing ad agency Grey with Ogilvy & Mather Inc. Spacey, who plays a conniving politician in the television series “House of Cards,” will portray a talent scout who spots “Type E” investors, Liza Landsman, chief marketing officer for the New York-based company, said in a phone interview.

“The baby was really reflective of the past,” Landsman said. “Consumers have recognized investing is complex and hard work.”