TD Waterhouse Institutional
is taking the opportunity of its annual advisor conference to unveil another wealth management tools for advisors. The Partnership 2002 conference is taking place in Orlando, Florida.
The firm is creating "ready-to-fund" private foundations for the 2,000 advisors using its custody services. It will provide the related administrative services to clients of advisors offering the service.
J. Thomas Bradley, Jr.
, president of TD Waterhouse Institutional Services, explained that the new service provides a way for advisors to differentiate themselves in a highly-competitive marketplace. Bradley adds that Waterhouse's goal is to widen the base of customers that can use foundations by reducing the expenses and administrative burden of running a foundation. Waterhouse expects to use technology to achieve this aim.
"Private foundations were traditionally established as a wealth management and charitable giving tool aimed at a small number of very affluent clients. Foundation Source's innovative approach and technology-based solution significantly reduces the expense, complication and ongoing administrative burden associated with this powerful planned giving and tax management tool, making it practical for a much wider audience."
The new product allows investors to invest in both stocks and funds, and in itself would likely not provide a new channel for fund sales.
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