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Rating:TD Announces Online Functionality Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, February 11, 2000

TD Announces Online Functionality

Reported by Jason Shank

TD Waterhouse introduced its new online trading functionality for financial intermediaries today at its Institutional Services National Advisor Conference.
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The commission schedule, called "the most competitive available" includes a $0.2 cents/share with a $35 minimum for broker-assisted orders and $12 market orders with $15 limit orders on equity trades on its new Veo Web site. Veo will be live for trades on March 1.

Peter Mangan, executive vice president of TD Waterhouse Institutional Services, also announced the recent formation of a new advisory panel for the custodial platform. The panel of 12 advisors will consist of members from various size firms in different areas of the country, utilizing different investment styles. Six of the 12 will serve for one year, while the other six will serve for two years.

Mangan's speech differed significantly from David Pottruck's at the recent Charles Schwab & Co. IMPACT conference in terms of repeated comparisons to the wirehouses, but Mangan did call attention to the incursion of wirehouses into the RIA space. Mangan insisted that the adoption by brokers of planners' fee-based model might be the best news yet for the advisor community, as it would give investors an opportunity to contrast the styles of different managers. Presumably the RIAs would compare favorably.

He added that compared to "one of the largest" wirehouses, TDW had more than five times the ratio of account transfers in versus out in 1999, and three times the ratio of all broker/dealers.

 

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