TD Private Client Wealth Review | SmartAsset.com (2024)

TD Private Client Wealth

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TD Private Client Wealth is a fee-based financial advisor firm that’s part of the TD Wealth® business at TD Bank, one of the largest financial institutions in the U.S. The majority of the firm's accounts belong to individual investors with or without a high net worth.

TD Private Client Wealth is concerned mostly with holistic, long-term wealth management. It offers retirement planning, investment management, estate planning, private banking, business wealth planning and more.

TD Private Client Wealth Background

TD Private Client Wealth is a branch of TD Wealth, the investment and financial management arm of TD Bank. That makes the firm a wholly owned subsidiary of TD Bank, which is in turn a subsidiary of TD Bank U.S. Holding Company, the American half of the Canada-based Toronto-Dominion (TD) Bank.

While it’s unclear when exactly this firm was first established, TD Bank has been in existence for quite some time. Its inaugural branch was opened in Portland, Maine, in 1852 as Portland Savings Bank. In 2004, the bank combined forces with Banknorth, a top financial services company, setting up its foothold in the U.S. investment market.

TD Private Client Types and Account Sizes

Both non-high-net-worthand high-net-worth individuals make up the majority of TD Private Client Wealth’s client base. However, it alsomanages assets for institutional clients, including charitable organizations, businesses, insurance companies, pension andprofit-sharing plans.

The minimum investment required to open an account at TD Private Client Wealth will depend on the type of service or portfolio you choose. The firm has a different account minimum for its financial planning services than for its pre-built client portfolios. The firm’s account minimum requirements go as follows:

• TD Managed Portfolios: $10,000
• TD Guided Portfolios: $100,000
• TD Premier Guided Portfolios: $500,000
• Tax overlay services: $250,000

Services Offered By TD Private Client Wealth

The services available at TD Private Client Wealth are largely centered around individual investors, who make up about 93% of the firm’s clientele. The firm offers the following services:

• Wealth and retirement planning
  • Cash flow planning
  • Income generation strategies
  • Employer retirement plan option review
  • Asset allocation for retirement
• Investment management
  • Tax minimization
  • Personalized use of diversification and asset allocation strategies
  • Work with a dedicated investment advisor
• Legacy and philanthropic planning
  • Insurance review
  • Trust and estate planning
  • Charitable gift planning
  • Beneficiary and heir selection
  • Estate tax minimization
• Real estate financing
  • Management of communication between all involved parties
  • Construction lending option review
• Private banking
  • Liquidity management
  • Payment and deposit solutions
• Wealth management for business owners
  • Business succession planning
  • Wealth transfer planning
  • Risk management
  • Credit and cash flow analysis
• Institutional and corporate services
  • Investment policy statement creation and review
  • Aid with manager selection and asset allocation
  • Performance reporting

TD Private Client Wealth Investment Philosophy

TD Private Client Wealth uses two investment software programs: MoneyGuidePro and Navi Plan. Advisors take these softwares and integrate them with the firm’s in-house asset allocations that it builds based on its own market research and calculations. These are largely based on your risk tolerance and time horizon, so be clear with your advisor when expressing your financial goals.

The firm typically utilizes investment styles that are designed to achieve long-term financial success. This applies to the firm’s three managed portfolio options: TD Guided Portfolios, TD Premier Guided Portfolios and TD Managed Portfolios. Each of these portfolio options uses a combination of exchange-traded funds (ETFs), separately managed accounts (SMAs) and mutual funds to fulfill clients’ financial objectives and liquidity needs.

TD Guided Portfolios includes access to portfolio managers that are both affiliates and non-affiliated with the firm. It also allows for much more communication between the client and advisor, as an initial asset allocation is chosen, though it will be rebalanced according to market changes. On the other hand, TD Premier Guided Portfolios offers a much wider variety of investment strategies and portfolio managers. However, the approach it utilizes is essentially the same.

The TD Managed Portfolios Program is a discretionary account that’s managed by TD itself. It works with clients to select from TD’s model portfolios the right one for their long-term investment planning needs. Each of these options vary in their investment goals and risk tolerances.

Fees Under TD Private Client Wealth

Financial planning clients of TD Private Client Wealth do not pay anything in fees or other charges if they are TD customers. For investment management services, TD Private Client Wealth charges based on a percentage of assets under management, with fees ranging from 0.45% to 1.5% depending on the how much you’re investing and what type of account you want. The rates for the following account types are as follows:

Fees are charged quarterly and in advance, on or about the 10th of every January, April, July and October that your account is active. The first time this fee is charged, it is prorated based on the date’s relation to the next quarter.

The table below shows how TD Private Client Wealth’s fees for its equity and balanced accounts compare. Note that these fees are only estimates. Actual costs may vary.

What to Watch Out For

TD Private Client Wealth has12disclosures listed on itsForm ADV.

Current and prospective clients should be aware that TD Private Client Wealth’s affiliation with TD Bank may present potential conflicts of interest. The bank will receive more compensation if client assets are invested in its affiliated products, like mutual funds, exchange-traded funds (ETF) and separately managed account (SMA). However, the firm is a fiduciary, meaning it is bound by law to act in clients’ best interests.

Opening an Account With TD Private Client Wealth

If you visit TD’s website, you’ll find a contact form. You’ll need to provide your name, phone number, email address and a short message regarding your needs. Once you fill this out, an advisor located nearby will contact you and let you know what the next steps will be. You can also call the firm at (866) 235-1248 for a more direct line of communication.

TD Private Client Wealth is headquartered in New York, New York, at 444 Madison Avenue on the 11th floor. It has a number of other branches as well in Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Vermont, Virginia and Washington, D.C.

All information is accurate as of the writing of this article.

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