Bank's first robo-advisor and hybrid advisor offering open entry points to engage early in customers' wealth journey
Almost two years after the massive TD Ameritrade-Charles Schwab deal was struck in the U.S., TD has announced that it is expanding its individual digital offerings in the country to include new online advice options.
In a press release, the firm announced the launch of its first robo-advisor, TD Automated Investing, as well as a hybrid advisor offering, TD Automated Investing Plus.
The two platforms, made available in the U.S. offer clients access to seven globally diversified portfolios of ETFs and mutual funds designed for different risk profiles and aimed at helping meet individual financial goals. They also feature automated portfolio monitoring and rebalancing.
Described as “an affordable digital advisory offering,” TD Automated Investing leverages an end-to-end digital account opening process to align a client’s risk profile with one of several professionally managed portfolios offered by the bank’s subsidiary U.S. Wealth business. Customers with as little as US$5,000 can open an account, with an annual advisory fee of 0.3% and a US$75 minimum.
Meanwhile, TD Automated Investing Plus goes a step further than its sister platform by offering additional access to a centralized advisory team. The team assists clients in building a personalized financial plan, and also provides ongoing advice. Clients for that offering must have a minimum of $25,000, with an annual advisory fee of 0.60% with a US$
TD Automated Investing Plus offers the same features as TD Automated Investing, with additional access to a centralized advisory team to assist with building a personalized financial plan and ongoing advice. It requires a minimum of US$25,000 with an annual advisory fee of 0.60% with a US$250 minimum.
“With the introduction of TD Automated Investing and TD Automated Investing Plus, TD will now be able to engage earlier in the Customer's wealth journey on their terms, combining the best of digital with an unexpectedly human approach,” said Peter Mottek, EVP and head of U.S. Wealth.
