TD Wealth is unifying its private investment counsel (PIC) and private investment advice (PIA) businesses to deliver a single discretionary investment management platform for high-net-worth (HNW) clients.
The new platform will operate within the Canadian Investment Regulatory Organization (CIRO) framework.
Previously, PIC provided HNW clients with discretionary wealth management; it was a registered portfolio manager and an exempt market dealer. PIA was a full-service brokerage and managed account division that advised HNW clients; it was a registered as an investment dealer and CIRO member.
As a result of the two business lines being unified, clients will have access to a broader range of investment options, while TD advisors will benefit from a consolidated operating model that reduces administrative friction and enhances the support they receive in their practices, a release said.
“By simplifying and modernizing how we deliver discretionary investment management, we’re freeing up advisor capacity and enabling them to spend even more time providing clients with proactive guidance and insights,” Ryan McNally, head of private wealth management at TD Wealth, said in the release.