introduced its new online trading functionality for financial intermediaries
today at its Institutional Services National Advisor Conference
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
site. Veo will be live for trades on March 1.
, 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.
Stay ahead of the news ... Sign up for our email alerts now