TD Bank Financial Group is apparently “transitioning out of” its financial advisory business, according to the company. At stake are over 100 advisors and about 100,000 clients, according to unnamed sources close to the company.
The bank reportedly had a meeting Tuesday with the advisory group, principally composed of former Banknorth advisors, to announce that these advisors could apply for a position at TD Ameritrade or TD Bank’s [TD] wealth management division for high-net-worth clients who have over $750,000 in investible assets. A spokeswoman for the company confirmed that these were the choices. “The exact role of the financial advisor will not exist,” said spokesperson Susan Webb.
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