TD Bank Financial Group said Wednesday it is "transitioning out of" its financial advice business.
The company has told its wealth management group, principally composed of former Banknorth advisers, that they could apply for jobs at the discount broker TD Ameritrade or in the U.S. banking operation's wealth management division for high-net-worth clients, a company spokeswoman confirmed. "Our goal is to find local positions for as many advisers as possible," she said.
Clients with less than $750,000 invested will have to go to TD Ameritrade or leave the company, the spokeswoman said. "The service those clients get today fits nicely in with TD Ameritrade," she said.
Clients with more than $750,000 will be moved from open architecture to mostly proprietary products and discretionary management, according to two former employees who did not want to be named. The wealth management group offers private banking, trust services and the Private Investment Council product.
More than 100 advisers and about 100,000 clients are affected, said sources close to the company.