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Sep 1, 2009 10:36 pm

Talked with Schwab and TD Ameritrade. TDA stands out to me. Anybody with TDA?

 
22 Years w/ EDJ. 75mm, very little fee based. (done a few goodknights)
 
My vision is a far more annuitied business than I have now. Also, would like jr advisors bringing in $$$ to furthur annuitize my income.
 
Comments, advice?
Sep 1, 2009 11:17 pm

If after 22 years my advisor suddenly switched streams and told me he was doing fee based now, I think i would switch advisors..

 
I think you will have trouble bring 50% of your assets especially if you are converting to fee(and my guess is MF wrap is what you are looking to do).
Sep 1, 2009 11:35 pm

We're with TDA.  It's great.  Schwab and Fidelity are solid, too.  But given your level of assets, you would probably be better taken care of at TDA.

Sep 2, 2009 12:28 am

I'm done with the rat race. I'd like to step back my production and manage. What has been your expierience with building a 5-10 broker firm?

Sep 2, 2009 12:42 am
Bodysurf:

We're with TDA.  It's great.  Schwab and Fidelity are solid, too.  But given your level of assets, you would probably be better taken care of at TDA.



Agreed - I do a similar amount of business with TDA and they treat us very well.  Schwab and Fidelity snuffed my when I was much smaller, so always had a little chip toward them.

Re: your latest post - I have a few advisors that work for me.  It's not all it's cracked up to be and very difficult to annuitize your business if they would be able to replicate the same asset management provided by your new RIA.  IOW - you get 3 guys and they all bring in 25MM.  After work one day they're slingin' some beers and realize they could start their own RIA, work with the same custodian, and have the same management - yet collect a 100% payout.

So I would focus instead of having a support staff that does 90% of the work for you; bring your best 50MM and charge 1% or higher.  You should be able to operate with 80% margins in most years and make a few hundo working part time.  Rat Race would be a total goner.

J

Sep 2, 2009 7:22 am

Currently using Schwab as a custodian and I'm very happy.  Their back-office support is particularly impressive.  Looked very closely at TD, but did an informal poll with a handful of top clients whom I know would come with me and they preferred Schwab hands down.  I think Schwab has a better reputation among retail investors, particularly more sophisticated investors.  In my experience, it's worth it to consult a select group of your top clients for their opinion -- you will get a sense of what they want in a custodian and they will appreciate the fact that you are including them in the decision making process.   

Sep 2, 2009 8:13 am

Check out Trade PMR as their technology is fantastic.

I hated TD when we used them in the past.  We use Schwab now, and they are good for everything except the technology (IMO).

Sep 2, 2009 8:24 am
Squash1:

If after 22 years my advisor suddenly switched streams and told me he was doing fee based now, I think i would switch advisors..



I think you will have trouble bring 50% of your assets especially if you are converting to fee(and my guess is MF wrap is what you are looking to do).





I disagree. Jones does a very good job of having the advisor build a relationship. My guess is at least 70%, if not more will go.



There was a guy who left Jones with $200 million in my region several years back. He took $180 million with him. Had been with the firm 19 years.



He wrapped up everything.

Sep 2, 2009 9:43 am

I use TD for some of my clients. I like the tech and I haven't had any issues with support. I am a bit nervous about them. We have TD Banks potting up all over our area. I have been getting mailers to my home about Ameritrade retail & TD Bank recently.

I don't like how they are selling to my area (and maybe my clients). But I guess all the big firms do this.

Sep 2, 2009 1:49 pm

Thanks again for the nice comments all.  I hope one day a technology guru author (not affiliated with any firm) writes an informative article really drilling down on the trading software offered by each custodian/clearing firm (i.e. Trade-PMR, Schwab Institutional, TD Ameritrade Institutional, etc., etc.,) covering:


1. Model Portfolio Trading
2. Client Reporting
3. Account Opening Software
4. Fee Billing Software
5. Etc., Etc.
 
I of course would want to know how Trade-PMR stacks up but I think Advisors do too. 
 
I'm still amazed today that some custodians have so much text on their website yet they don't even publish an image of what their software looks like.
 
If anyone has any nominations for a good 3rd party independent arthor who can write such a story, lets petition him/her.  I would be happy to give a detailed look at Trade-PMR/e-Custody so that person has the necessary information to write an informative piece.
 
All the best always to everyone on this forum.
 
Fred
888-579-8640
 
Sep 11, 2009 12:13 am

F!@# TD, stay at Jones. It will cost too much

Sep 11, 2009 9:58 am
mrjones99999:

F!@# TD, stay at Jones. It will cost too much

 
?? Huh?
Sep 15, 2009 12:44 pm

mrjones99999 - too much kool aid.  go detox.

Mar 30, 2011 2:42 pm

Anyone now using TD for RIA that would like to comment on their overall satisfaction or TD support in transitioning their book?

Apr 8, 2011 3:36 pm

TD is robust enough to provide everything you need for new account support, trading, reporting, etc.. the VEO platform works very well and TD has several partners where you can receive free or discounted services for additional services. We also looked at Trade PMR and it is a great shop as well, when we set up our RIA, we were just looking for an easy solution where cost wasn't pieced out separately for everything.

Segment5dude - our RIA is looking to build on relationships with reps like yourself. if you are interested in looking at partnering with an established RIA to make the switch easier, we would love to talk to you. send over a response and we can talk offline.

Apr 25, 2011 5:43 am

I hated TD when we used them in the past.  We use Schwab now, and they are good for everything except the technology (IMO).