TD Bank Financial Group plans to bring together three pillars of its Canadian wealth management business under the TD Waterhouse brand.
Full-service broker TD Evergreen, TD Financial Planning, and discount broker TD Waterhouse will come together as the new TD Waterhouse in Canada, subject to regulatory approval.
TD will be supporting the launch in the summer of 2002 with a major national advertising and marketing campaign.
“We plan to grow our wealth management business significantly in the next year and beyond,” said Charlie Baillie, chairman and CEO, TD Bank Financial Group. “Initiatives such as the launch of the new TD Waterhouse in Canada will strengthen our position as a leader in brokerage and financial planning, enable us to leverage our combined client base and improve our ability to aggressively recruit top investment advisors and financial planners.”
With this move, TD Bank Financial Group is leveraging the strength of TD Waterhouse, Canada’s largest discount brokerage. TD Evergreen, TD Financial Planning, and TD Waterhouse in Canada will now operate under the TD Waterhouse brand as:
- TD Waterhouse Full Service Brokerage;
- TD Waterhouse Financial Planning; and
- TD Waterhouse Discount Brokerage.
The new group will operate under the leadership of Rob MacLellan, TD Bank Financial Group’s executive vice president, Wealth Management, and head of TD Asset Management and TD Mutual Funds.
“We recognize that investors have different needs which can vary depending on their situation or stage of life. TD Waterhouse in Canada will offer a wide range of products and services to address those differences,” said MacLellan.
Clients who are currently served by TD Waterhouse self-directed brokerage, TD Evergreen full-service brokerage, and TD Financial Planning will experience no immediate changes. However, beginning in the summer of 2002, new and existing clients will be able to access all three new TD Waterhouse services through any one of a number of channels, including new TD Waterhouse branches which will feature full service advisors, financial planners, and interactive facilities for self-directed investing. Clients of TD Waterhouse Institutional Services will not be affected by this move.
TD says employees of the new group will benefit from a powerful, well-recognized brand supported by major marketing and advertising efforts, a serious commitment to technology, a large client base, and competitive compensation, including the option of an extremely attractive commission split for the very top producers.
“We want investment advisors and financial planners to know that we are a very good place to be in terms of market presence, potential business, and compensation,” added MacLellan.