Commerce Bancorp Inc., parent to some 375 Commerce Bank branches in the New York, Philadelphia and Southeast Florida markets, has acquired online wealth manager eMoney Advisor for $32 million.
Based in Conshohocken, Pa., eMoney Advisor and its proprietary AdvisorPlatform is employed by both advisors serving high-net-worth clients and financial institutions such as Massachusetts Mutual Life Insurance Co., Guardian Life, Big Four firm PricewaterhouseCoopers, New England Financial and MetLife.
Commerce said that the purchase of eMoney will enable it to develop a Web-based aggregated financial system for its customers.
Founded by its current chairman and chief executive, Edmond Walters, eMoney Advisor offers a consolidated view of a client's financial portfolio, including a customer financial home page, daily aggregation of all financial assets, daily updated financial statements, asset allocation tools, daily alerts and a Web-based storage vault of personal documents.
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