Online-brokerage Folio Investing said Thursday that it has acquired the online accounts of BUYandHOLD.
The company, which is led by former SEC Commissioner Steven Wallman, says the deal “reflects Folio’s continued expansion and commitment to providing a smart, cost-effective alternative to ‘big box’ online brokerages.”
“We’re delighted to welcome the tens of thousands of BUYandHOLD customers,” said Blaine McLaughlin, vice president, Folio Investing, in a statement.
“As the pioneering brokerage firm that was the first to offer customizable, diversified baskets of securities, we offer unique benefits and features that enable investors to create and manage portfolios that are both cost and time efficient,” McLaughlin explained.
Folio’s fractional-share investing system, for instance, lets investors buy and sell securities in any dollar amount — such as $50 of Google stock (which currently trades at around $543 a share). They also can automatically invest $100 or any amount into the same group of 100 holdings, or folio, each month.
Last year, Wallman, who is chairman of the SEC Investor Advisory Committee’s Market Structure Subcommittee, said that a plan to modify the current accredited investor definition is “not an easy issue.”
Wallman founded Folio in 1998. He served as SEC Commissioner from 1994 to ’97.