Scottrade Financial Services Inc., the online brokerage, is working with an adviser to explore a sale, according to people familiar with the matter.
A deal could value Town & Country, Missouri-based Scottrade at about $4 billion, the people said, asking not to be identified because the matter isn’t public. The company has drawn interest from rivals including TD Ameritrade Holding Corp., they said.
No final decision has been made and there’s no guarantee an agreement will be reached, the people said.
A representative for Omaha, Nebraska-based TD Ameritrade declined to comment. Representatives for Scottrade didn’t immediately respond to requests for comment.
Scottrade and TD are two of the largest online brokers, platforms used by consumers, wealth advisers and other investors to trade securities outside of traditional brokerages.