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TD is making it a “priority” to “accelerate the growth” of its advice business, says a transcript of remarks made during the bank’s Canadian Retail Investor Day on October 15.

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“We have 4.3 million mass affluent clients and 500,000 high net worth clients. And today, we only bank 10% of them with an advice investment solution. So incredible opportunity to increase,” said Leo Salom, executive vice president, Wealth Management, TD Bank Group. The bank is looking to add 500 advisors, says the transcript, and wants to own 15% of the mass affluent marketplace and 12% of the high net worth segment.

“Clients are looking for investment guidance. They’re looking for lower cost solutions,” said Salom. “They want to avoid paying full service brokerage fees, but yet they’re willing to pay for asset allocation and investment guidance. And so, we are very focused in that segment.” To that end, TD will launch of a suite of passive and active ETFs early next year, he added.

Asked what the bank’s “biggest expense save” would be, Tim Hockey, group head, Canadian Banking & Wealth Management, said it would be the firm’s “face-to-face channel.” That’s because “customers frankly are saying, I will use less because I can use to my greater service and convenience, a much lower cost channel. So we will manage that migration appropriately. That’s going to be the biggest opportunity probably in bulk.”

Read more here.

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Originally published on Advisor.ca

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