FINSwire Jul 21 2010

TD Ameritrade Scoops Up Defecting Advisors

By finswire team

Bigger brokerages are right to worry about employee attrition. But one firm is lapping up all the defections, according to Reuters.

On a recent analyst call, Fred Tomczyk, the CEO of TD Ameritrade, told analysts that the online brokerage is seeing one "breakaway broker" join up per day.

"The breakaway broker market continues to be robust," he said. "We are having more and more conversations with wirehouse financial consultants eager to learn more about the RIA model, and our . . . pipeline is at a record level."

Investment advisors are leaving bigger wirehouses in droves, and TD Ameritrade is welcoming them with open arms. The brokerage currently has more than 4,000 registered investment advisors.

Related: Wall Street Goes Main Street as Wirehouse Brokers Flock to RIA Firms

Play the new finance career game from FINS!

Financial Dream Jobs - Sign Or Decline
You just got an offer for your dream job,
your new boss will be Gordon Gecko.

  • Copyright ©2014 Dice Holdings, Inc. All rights reserved.
Log in 
FINS Login
*Indicates required field
User Name*
     Forgot Your Password?
Or log in using your Facebook account:
Connect with Facebook