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TD Ameritrade’s Bradley Says Universal Fiduciary Standard Won’t Stem Flow of Breakaways

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Jul 29, 2010 4:02 pm

In an interview with the Registered Rep. crew Thursday morning, TD Ameritrade Institutional President Tom Bradley said a fiduciary standard for all would “technically” create more competition for the firm. But he also said that TD still has some important advantages over the Wall Street wirehouses; even if everyone “goes fiduciary,” the steady stream of breakaway brokers to TD Ameritrade won’t dry up, he said. Earlier this week, TD announced it had attracted a record 212 breakaway brokers so far in fiscal 2010, which is higher than the total number that joined the firm in 2009. (Most of these advisors have under $100 million in client assets, he said.)