TD Ameritrade Institutional has introduced a set of practice management initiatives, in a bid to win over a major share of business from so-called breakaway brokers and advisers leaving large independent advisory firms.
Atop the list of measures, which were announced last week, is Maximize My Business, a practice management program that lets advisers choose from a set of customizable resources.
The framework is designed to enhance seven essential business areas of an adviser's practice, as identified by TD Ameritrade: marketing and business development, business operations, client service, risk management, practice equity and planning, educational resources and human capital management.
Maximize My Business gives advisers access to in-person consultations, webcasts, conferences, guidebooks and educational white papers.
TD Ameritrade, a unit of Toronto-Dominion Bank, built the new program on the success of Roadmap, a business-consulting program it launched in December 2008, which has worked well for its adviser clients.
Results show that 60% of firms achieved business growth in the first six months of executing a plan using Roadmap.