TD Bank’s Wealth Private Client Group said Wednesday that it appointed Jim Nesci as head of national sales.
Prior to joining TD Bank earlier this year, Nesci was the chief wealth management officer of Provident Bank for about four years and president of Beacon Trust for more than five years. He started his career in the business in 1991 at Citigroup and has since worked for Wilmington Trust, Bank of America, Lehman Brothers, HSBC and U.S. Trust, according to his LinkedIn profile.
“Jim has a long track record of success across the banking industry and understands how to build and develop winning strategies and teams,” said Peter Mottek, head of U.S. Wealth for TD Bank, in a statement.
“He is passionate about delivering best-in-class wealth management and financial planning to customers and will be an asset to the team as we continue expanding our presence in the U.S.,” Mottek added.
As part of his new role, Nesci will oversee the advisor program and develop, support and promote TD Wealth’s goals-based advice offerings – including investment management, trust and estate planning and private banking, the company says.
“The expansion of wealth management capabilities across TD Bank provides a tremendous opportunity for us to deliver personalized, tailored advice to individuals and businesses at every stage in their wealth journey,” explained Nesci, in a press release.
TD Ameritrade, like TD Bank, is owned by Toronto-Dominion Bank (TD), however the two companies operate as completely separate businesses.
In the latest quarter, TD Ameritrade (AMTD) said it added $19.5 billion in net new client assets in the first quarter, which represents a yearly growth rate of 10%. Total assets were $847 billion, up 19% for the year-ago period.
The brokerage had net income of $214 million, or $0.40 per share, up about 5% from $205 million, or $0.38, a year ago. Its net revenues were $904 million, nearly 60% of which were asset-based, up for $846 million in the year-ago quarter.
“Client asset inflows hit an all-time high as investors found value in our outstanding trading platforms, innovative tools, and broad product selection,” said President & CEO Tim Hockey, in a statement. “We’re capturing money in motion and have plans firmly in place to help our industry-leading organic growth continue.”
TD Ameritrade says its level of average client trades per day was about 517,000 in the quarter ended March 31, up 2% from last year. Its pretax margin was 38.1% of net revenues, down from 39.5% in the prior quarter. Interest rate-sensitive assets were $124 billion, up 11% percent year over year.
“We expect the benefits from balance growth and higher interest rates to more than offset the financial impact of our lower commission price,” explained CFO Steve Boyle, in a press release. “Ongoing investments in cutting-edge technology that drive automation and further enhance the client experience will remain core to our strategy for the balance of the fiscal year.”