TD Bank to Shut Down Advisory Unit

TD Bank Financial Group is phasing out its financial advisory business, but keeping its high-net-worth division, according to reports.

Reuters reported the move will affect more than 100 advisers in the unit being shut down.

The displaced financial advisers will have the choice to apply for a position at TD Ameritrade (the discount brokerage unit) or the bank’s wealth-management division for high-net-worth clients with more than $750,000 in investable assets, according to a report in Financial Planning.

The transition out of the advisory business is part of a tighter integration between TD Bank’s retail operations and TD Ameritrade’s brokerage and advisory businesses, said Fred Tomczyk, president and chief executive of TD Ameritrade, according to Reuters.