Goodby to Pass on E*Trade Defense

SAN FRANCISCO Goodby, Silverstein & Partners won’t defend the estimated $35-40 million ad account of online broker E*Trade, which has hired Select Resources International to manage its review, the client said.

This is the second planned agency competition for the Menlo Park, Calif., company in less than a year.

In late 2002, E*Trade representatives began a review process handled in-house. At least three agencies were contacted, including Interpublic’s Deutsch LA in Marina del Rey, Calif., and Havas’ Black Rocket Euro RSCG in San Francisco. But by January, the client had called off the search and began strategy discussions once again with Omnicom’s Goodby. Those talks concluded in February with no advertising going forward, sources said.

The client spent $35 million on ads last year and $40 million in 2001, per TNS Media Intelligence/CMR.
The account will likely include a strong direct response component. A decision is expected in September.