TD Ameritrade minimum?
Does anyone know if TD Ameritrade has a minimum AUM requirement for RIAs? I am starting my own RIA and initially I will not have any AUM. TD Ameritrade would be my number one choice for a custodian, but I'm worried that they won't let me use them. Does anyone have any input before I give them a call?
Before anyone calls me crazy for starting an RIA with no AUM, I have a separate insurance business so I'm not all worried about not generating enough initial revenue through the RIA.
Thanks in advance.
TDA Institutional is asking for a minimum of 10m. I was taken on with far less because of a good business plan but later fired for not bringing in assets fast enough. Save yourself time and go with a professional company like Interactive Brokers - you will be amazed of the possibilities and tools at hand. TDA, Ameriprice, ML, EDJ.... are at the very core sales driven organizations and only important if you have a need to learn the business.