TD Private Client Wealth
TD Private Client Wealth is a fee-based financial advisor firm that’s part of the TD Wealth business at TD Bank, one of the largest financial institutions in the U.S. The majority of the firm's accounts belong to individual investors.
TD Private Client Wealth is concerned mostly with holistic, long-term wealth management. It offers retirement planning, investment management, private banking, business wealth planning and more.
TD Private Client Wealth Background
TD Private Client Wealth is a branch of TD Wealth, the investment and financial management arm of TD Bank. That makes the firm a wholly owned subsidiary of TD Bank, which is in turn a subsidiary of TD Bank U.S. Holding Company, the American half of the Canada-based Toronto-Dominion (TD) Bank.
While it’s unclear when exactly this firm was first established, TD Bank has been in existence for quite some time. Its inaugural branch was opened in Portland, Maine, in 1852 as Portland Savings Bank. In 2004, the bank combined forces with Banknorth, a financial services company, setting up its foothold in the U.S. investment market.
TD Private Client Types and Account Sizes
Both non-high-net-worth and high-net-worth individuals make up the majority of TD Private Client Wealth’s client base. However, it also manages assets for institutional clients, including charitable organizations, businesses, insurance companies, pension and profit-sharing plans.
The minimum investment required to open an account at TD Private Client Wealth will depend on the type of service or portfolio you choose. The firm has a different account minimum for its financial planning services than for its pre-built client portfolios. The firm’s account minimum requirements are as follows:
- TD Managed Portfolios: $10,000
- TD Guided Portfolios: $100,000
- TD Premier Guided Portfolios: $500,000
- Tax overlay services: $250,000
Services Offered By TD Private Client Wealth
The services available at TD Private Client Wealth are largely centered around individual investors, who make up 96% of the firm’s clientele. The firm offers the following services:
- Wealth and retirement planning
- Cash flow planning
- Income generation strategies
- Employer retirement plan option review
- Asset allocation for retirement
- Investment management
- Tax minimization
- Personalized use of diversification and asset allocation strategies
- Work with a dedicated investment advisor
- Legacy and philanthropic planning
- Insurance review
- Trust and estate planning
- Charitable gift planning
- Beneficiary and heir selection
- Estate tax minimization
- Real estate financing
- Management of communication between all involved parties
- Construction lending option review
- Private banking
- Liquidity management
- Payment and deposit solutions
TD Private Client Wealth Investment Philosophy
The firm typically utilizes investment styles that are designed to achieve long-term financial success. This applies to the firm’s three managed portfolio options: TD Guided Portfolios, TD Premier Guided Portfolios and TD Managed Portfolios. Each of these portfolio options uses a combination of exchange-traded funds (ETFs), separately managed accounts (SMAs) and mutual funds to fulfill clients’ financial objectives and liquidity needs.
TD Guided Portfolios includes access to portfolio managers who are both affiliates and non-affiliated with the firm. It also allows for much more communication between the client and advisor, as an initial asset allocation is chosen, though it will be rebalanced according to market changes. On the other hand, TD Premier Guided Portfolios offers a much wider variety of investment strategies and portfolio managers. However, the approach it utilizes is essentially the same.
The TD Managed Portfolios Program is a discretionary account that’s managed by TD itself. It works with clients to select from TD’s model portfolios the right one for their long-term investment planning needs. Each of these options vary in their investment goals and risk tolerances.
Fees Under TD Private Client Wealth
Financial planning clients of TD Private Client Wealth do not pay anything in fees or other charges if they are TD customers. For investment management services, TD Private Client Wealth charges are based on a percentage of assets under management, with fees ranging from 0.45% to 1.5% depending on how much you’re investing and what type of account you want. The rates for the following account types are as follows:
| Equity/Balanced Accounts | |
| Portfolio Size | Maximum Annual Fee |
| First $1MM | 1.5% |
| Next $1MM | 1.05% |
| Next $2MM | 0.85% |
| Over $4MM | 0.65% |
| Fixed Income Accounts | |
| Portfolio Size | Maximum Annual Fee |
| First $1MM | 0.85% |
| Next $1MM | 0.75% |
| Next $2MM | 0.65% |
| Over $4MM | 0.45% |
Fees are charged quarterly and in advance, on or about the 10th business day of every January, April, July and October that your account is active. The first time this fee is charged, it is prorated based on the date’s relation to the next quarter.
The table below shows how TD Private Client Wealth’s fees for its equity and balanced accounts compare. Note that these fees are only estimates. Actual costs may vary.
| *Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount. | |
| Estimated Equity/Balanced Account Fees at TD Private Client Wealth* | |
| Your Assets | Fee Amounts |
| $500K | $7,500 |
| $1MM | $15,000 |
| $5MM | $49,000 |
| $10MM | $81,500 |
What to Watch Out For
TD Private Client Wealth has 12 disclosures listed on its Form ADV.
Current and prospective clients should be aware that TD Private Client Wealth’s affiliation with TD Bank may present potential conflicts of interest. The bank will receive more compensation if client assets are invested in its affiliated products, like mutual funds, exchange-traded funds (ETF) and separately managed accounts (SMA). This makes TD Private Client Wealth a fee-based firm. However, the firm is a fiduciary, meaning it is bound by law to act in clients’ best interests.
Opening an Account With TD Private Client Wealth
If you visit TD’s website, you’ll find a contact form. You’ll need to provide your name, phone number, email address and a short message regarding your needs. Once you fill this out, an advisor located nearby will contact you and let you know what the next steps will be. You can also call the firm at (866) 235-1248 for a more direct line of communication.
TD Private Client Wealth is headquartered in New York, New York, at 444 Madison Avenue on the 11th floor. It has a number of other branches as well in Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, North Carolina, South Carolina, Vermont, Virginia and Washington, D.C.
All information is accurate as of the writing of this article.
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