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.

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