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January 26, 2006 at 07:00 PM
The merger of Ameritrade and TD Waterhouse announced last June was finally completed this week and that’s good news for advisors, says Tom Bradley, who heads up the advisor services business of the new entity, TD Ameritrade.
As part of a “meet and greet” session with the company’s top executives held at Nasdaq headquarters in New York on January 25, Bradley explained that going forward the company’s target advisors would be those with $50 million to $500 million in assets under management, but that they will still be able to service small advisors effectively.
Since the merger had just been finalized, Bradley was still uncertain of how much overlap there is between the 2,700 advisors doing business with TD Waterhouse and the 1,400 custodying assets with Ameritrade, and so still doesn’t know how many advisors will be in the new network. He stressed, however, that “it’s not the number of advisors, but the quality of them.”
