TD Ameritrade Institutional launched its national conference in San Diego on February 8 with an address from TD Ameritrade CEO Joe Moglia. Speaking to a packed hall including an estimated 1,500 RIAs, Moglia outlined the company’s long-range growth strategy, which includes a number of initiatives designed to help TD Ameritrade build its market share among long-term investors and RIAs. He stressed that at TD Ameritrade, growth comes only after asking, “How does it benefit our clients, our shareholders, our partners, and associates?”
Stressing that RIAs are both clients and partners, Moglia said that TD Ameritrade will do everything it can to deserve their business. “The only reason anyone in this room should do business with us is because it’s in your best interest.” Moglia also opened himself up to a robust round of questioning from the audience.
Among the advisors’ concerns were that by targeting the long-term investor, TD Ameritrade would be in conflict with RIAs who are also after those clients. Moglia assured the audience that the company would only be looking to serve those in the “mass affluent” demographic who want to use the company’s tools to do it themselves, not the high-net-worth client who wants or needs an advisor to do it for them. Another advisor concern was the lack of trading discounts for RIAs, which the company announced at the conference will be addressed in a new pricing structure scheduled to go into effect in May along with the completion of its conversion to the Ameritrade clearing platform.