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TD wants 500 more advisors

“We have 4.3 million mass affluent clients and 500,000 high net worth clients. And today, we only bank 10% of them with an advice investment solution. So incredible opportunity to increase,” said Leo Salom, executive vice president, Wealth Management, TD Bank Group. The bank is looking to add 500 advisors, says the transcript, and wants to own 15% of the mass affluent marketplace and 12% of the high net worth segment.

“Clients are looking for investment guidance. They’re looking for lower cost solutions,” said Salom. “They want to avoid paying full service brokerage fees, but yet they’re willing to pay for asset allocation and investment guidance. And so, we are very focused in that segment.” To that end, TD will launch of a suite of passive and active ETFs early next year, he added.

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