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TD Ameritrade CEO: RIAs Have Nothing to Fear From New Product
Donna Fuscaldo
September 25, 2018 — 12:00 AM EDT
TD Ameritrade's new Personalized Portfolio service, which provides customers with access to a one-on-one relationship with an in-branch financial consultant, shouldn't be viewed as a competitive threat to registered independent advisors (RIAs), said Tim Hockey, the chief executive of the discount brokerage, in a recent interview.
During an interview with Wealthmanagement.com at TD Ameritrade Holding Corporation's (AMTD) Elite Linc conference for its top financial advisors, Hockey said that the new service, which launched in late May, is aimed at filling gaps in advice for its DIY customers that don't want to engage with RIAs. "There are so many clients we refer to the RIAs," Hockey said in the interview, noting that only 30% of its retail clients actually act on the referral. "So we know there is an advice gap." He noted that the Personalized Portfolio service isn't meant to be competition to advisors because they provide a lot more services than portfolio construction, which is what the service is focused on. "Technology is taking up more of the low-end clients. The robo is part of that, Personalized Portfolios is another segment," the CEO told Wealthmanagement.com.
In addition to providing access to a consultant in one of its more than 360 branches across the U.S., TD Ameritrade said when announcing the new service that the consultant will work with a portfolio advisor from TD Ameritrade Investment Management to construct tailored portfolios that match with the preferences of a self-directed investor at the brokerage. The portfolio consultant will serve as fiduciary, which means that he or she puts the interest of the clients first.
The Personalized Portfolio platform features a digital dashboard that provides clients with all of their investments in one place, account aggregation, goal tracking and performance of investments both in TD Ameritrade accounts and non-TD Ameritrade ones. At the branches, customers of Personal Portfolios will be able to get help crafting a portfolio that takes into account the client's total wealth picture and access help in other areas such as annuities, fixed income investments, trading and investor education. The service is for those with a minimum of $250,000 in investments and will charge management fees of 90 basis points or less. TD Ameritrade noted that a recent survey of affluent investors found that, among those with $250,000 or more in investable assets that don't work with a financial advisor, 38% said they want to be in control of their assets, while 65% said it is important to have a customized investment portfolio.
During the interview with Wealthmanagement.com, Hockey gave kudos to passive investing but said that the volatility in the stock market in recent months could bring active investing back in vogue. "When markets get shaky, there will be a resurgence in active, especially as some investors look for that edge," the executive said
Read more: TD Ameritrade CEO: RIAs Have Nothing to Fear From New Product | Investopedia https://www.investopedia.com/news/td-ameritrade-ceo-rias-have-nothing-fear-new-product/#ixzz5S7u9HVNu
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