TD Wealth Management has a new program dedicated to serving clients who are doctors, dentists and other health-care providers, Toronto-Dominion Bank announced Monday.
The bank has launched TD Wealth Management for Health Care Practitioners, a wealth-management program offered through TD Wealth Private Banking and supported by a team of senior private bankers, investment managers, financial planners and commercial lending specialists.
The program fits with the bank’s aim to serve and tailor offerings to high net-worth clients, says Dave Kelly, senior vice president at TD Wealth Private Wealth Management.
“Health-care practitioners are a key part of that demographic,” Kelly said in an interview.
The program provides goals-based plans and advice focused on the special needs of healthcare providers. Services include borrowing, giving, incorporation, insurance, tax and wealth building, TD says in a news release.
Kelly said the bank uses an integrated approach across wealth, retail banking and business banking segments to serve clients, advising on everything from tax-efficient income to legacy planning.
The program launches following Bank of Nova Scotia’s acquisition in June of MD Financial Management, which provides financial services to doctors and their families. At the time the acquisition was announced, MD Financial managed more than $49 billion in assets.
For new hires, TD focused on senior private bankers rather than investment advisors, Kelly said. So far, the bank has 11 senior private bankers for the program. “We’re hoping to double that by about the end of January,” he said.
Each banker is dedicated solely to health-care professional clients, and is responsible for gaining a “greater understanding of who’s important and what’s important” to them, and then assembling a full-service team across wealth management and the bank, Kelly said.
Having a senior private banker as a dedicated lead relationship manager provides competitive positioning, he said, as does the inclusion of private banking services.
No new investment advisors were hired for the program. “We’ve got lots of great investment advisors in our private investment advice business who deal with health-care practitioners already,” says Kelly. “They’re part of the offer.”
The program has launched in Vancouver and Calgary, and in Ontario in Burlington, Hamilton, Mississauga, Oakville, Ottawa and Toronto. More regional centres will launch over the next several months, including in Victoria, Edmonton, Saskatoon, Winnipeg, Montreal and Halifax.