TD in Cherry Hill, state of new jersey, American subsidiary of TD Bank Group in Toronto (NYSE: TD), announced the launch of TD Automated Investing and TD Automated Investing Plus applications. Both apps provide access to TD Strategic Portfolios – seven portfolios of exchange-traded funds (ETF). Portfolios are diversified in terms of risk and are designed for clients with different financial goals. Automatic monitoring and rebalancing of portfolios is also expected.
TD Bank Launches Robotic Product for U.S. Customers
TD Automated Investing is focused on a wide market. The minimum amount to open an account is $5 000. Annual commission for consulting services in the amount of 0,3%.
TD Automated Investing Plus offers the same features, as well as TD Automated Investing, but with the opportunity to get advice from a "live" investment adviser. Minimum amount to start $25 000, Annual Commission 0,6%.
Ken Thompson, CEO of TD Private Client Wealth and head of US Wealth Shared Services TD Wealth noted, that for most of the last decade, TD has offered financial advisory services to wealthy clients, but wanted to create something specifically for the retail segment. TD studied the competitive environment of the growing space of robo-advisors and saw a large number of fintech companies in this segment.. The expert believes, that TD and other large financial companies have a number of advantages over fintech – it is a customer base and a wide range of products.
More U.S. banks are launching products and automated services for mass-market customers, in the coming years, a similar transformation, probably, will come to the Russian market.
Based on the Philadelphia Business Journal
