Springfield-based EF Hutton offers new product for investors

Credit: DaytonDailyNews

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Local officials welcomed financial firm EF Hutton America to downtown Springfield Friday.

Credit: DaytonDailyNews

EF Hutton America has announced a new service while company officials attended an industry trade show in Las Vegas.

The service will allow investors to develop specialized portfolios designed to benefit from events that might impact the economy, said Chris Daniels, the company’s CEO.

“For example, if an investor had a view that the Brexit would result in an increase in the market in the UK, they can express that view in a specialized portfolio that we construct,” Daniels said. “We’ve done all the quantitative work and all the research to build that portfolio so it’s maximized for the impact of that particular event.”

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Local leaders in Clark County have been banking on the company to bring new jobs and investment in downtown Springfield. The company has bought two downtown buildings and said it plans to invest $22 million and add up to 400 new jobs in downtown Springfield over the next five years.

Daniels declined to discuss how many workers the company currently employs. But he said EF Hutton America is recruiting for between 40 and 50 positions and recently attended a job fair at Wittenberg University. He said he expects the firm to employ about 70 workers by early next year.

The company, based in downtown Springfield, also introduced two separate subscription plans earlier this month after the launch of their products was initially delayed. EF Hutton America has introduced what it calls a Liberty Plan for a roughly $33 monthly subscription that allows unlimited trading of stocks. The firm also offers a separate Freedom Plan under an annual subscription for about $280.

Analysts have said the company’s pricing is competitive but the company needed to provide more details about its products before it would be able to convince customers to sign on to its service. Officials from the company were in Las Vegas last week promoting the firm at the Trader’s Expo.

“It’s a very exciting time and we’ve had a lot of people come to us,” Daniels said of the event.

The new event-based service is primarily designed for knowledgeable investors, Daniels said, not customers who are primarily seeking to save for retirement.

“This is for an investor that’s looking to take a more active role in investing,” Daniels said. “Although everything is done online, it’s for self-directed investors who are taking an active view on markets.”

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