NEW YORK Capital Trust Company of Delaware has begun offering administrative trust services to TD Waterhouse Groups independent financial adviser clients.
J. Thomas Bradley, president of the New York firms institutional services division, said the huge amount of wealth created in the last decade has prompted advisers to demand access to trust services.
TD Waterhouse had made a point of working with an independent trust company that advisers would not see as a competitor, he said. Capital Trust of Wilmington works exclusively with professional advisers.
The service was announced Thursday. Capital Trust plans to charge 65 basis points or less on the trust accounts it administers for TD Waterhouses adviser network, with a minimum fee of $2,000 a year. There is no minimum account size.
TD Waterhouse Group, which is mostly owned by Toronto-Dominion Bank, holds about $16 billion of assets for 3,000 independent financial advisers.