TD Waterhouse

Last updated
TD Waterhouse Canada Inc.
FormerlyGreenline Investor Services, Waterhouse Securities
Company type Subsidiary
Industry Financial services
Headquarters Toronto, Ontario, Canada
Brands
  • TD Direct Investing
  • TD Wealth
Parent Toronto-Dominion Bank
Divisions
  • TD Direct Investing
  • TD Wealth Financial Planning
  • TD Wealth Private Investment Advice
Website www.td.com/ca/en/investing

TD Waterhouse Canada Inc. is a Canadian financial services corporation headquartered in Toronto, Ontario. It is a wholly owned subsidiary of Toronto-Dominion Bank. The company does business through several divisions, namely TD Direct Investing, TD Wealth Financial Planning, and TD Wealth Private Investment Advice. [1] The TD Waterhouse brand was also formerly used for TD's American and British brokerages. [2]

Contents

History

TD's original brokerage, Greenline Investor Services, was established in 1984. Greenline Investor Services merged with Gardiner Group Stockholders in 1987, becoming the first Canadian bank to purchase seats on the Toronto, Montreal, Vancouver and Alberta stock exchanges. In 1993, Greenline Investor Services acquired the operations of Marathon Brokerage, a Canadian discount brokerage. [3] The TD Waterhouse brand originated as an American brand for discount brokerage when TD purchased Waterhouse Securities in 1996. The name TD Waterhouse was formed and was used for TD's British, Canadian, and American brokerage activities. In Canada, TD Waterhouse thus replaced the brand Greenline.

In 1996, TD became the first online broker in Canada with the launch of WebBroker. [4] In June 1999, TD spun off 42 million shares or 12.4% of TD Waterhouse in an IPO, with shares priced at $35.28 CAD or US$24 per share, earning US$1.01 billion. In 2001, with the bursting of the dot-com bubble and lower trade volumes that brought down Waterhouse's share price, TD bought back that minority stake at US$9 per share for only US$378 million, earning a tidy profit on the privatization. The acquisition was conditional on TD owning at least 90 percent of Waterhouse's outstanding common shares, and it owned almost 89 percent when the privatization was announced. [5] [6]

In 2003, Toronto–Dominion Bank held talks to merge Waterhouse with E*TRADE, which would have created the second-largest discount broker in the United States after Charles Schwab, but the two sides could not come to an agreement over control of the merged entity. [7] [8] Later in 2005, E*TRADE made an unsolicited offer for Ameritrade. However, Ameritrade instead purchased TD Waterhouse USA, with TD Bank holding a 39% stake in the new entity. As part of the deal, Ameritrade sold its Canadian operations to TD Bank who merged them with TD Waterhouse Canada. [9] When TD merged its American brokerage activities with Ameritrade, the newly formed American broker formed the brand TD Ameritrade, but the Canadian division retained the TD Waterhouse brand.

In December 2012, TD replaced the TD Waterhouse Discount Brokerage brand with TD Direct Investing. [10] TD Direct Investing Europe, a discount broking subsidiary in the United Kingdom, with headquarters in Leeds, which also used the TD Waterhouse brand, was sold in 2016 to Interactive Investor in a deal financed by JC Flowers. [11]

In 2022, Charles Schwab purchased TD Ameritrade, and along with it, thinkorswim. [12] At the time, thinkorswim as one of the electronic trading platforms TD Direct Investing customers use to perform trades. [13] In light of this, TD Active Trader was announced in 2023 to serve clients that previously used thinkorswim. [14] TD Waterhouse also began migrating TD Direct Investing clients off of thinkorswim the same year. [15]

Services

TD Direct Investing

TD Direct Investing is the online brokerage brand of TD Waterhouse. The brand offers services to trade stocks, options, mutual funds, fixed income investments, such as bonds, GICs, T-Bills, exchange-traded funds, as well as IPOs. [16] TD Direct Investing offers several electronic trading platforms for users: WebBroker, the TD app, the TD Advanced Dashboard, and TD Active Trader. [17] [4] TD Direct Investing offers several types of accounts such as margin account, cash accounts, tax-free savings accounts, registered retirement savings plans, registered education savings plans, and life income funds. [18] The brokerage also offers online educational resources for learning how to trade assets and how to invest.

TD Wealth

The TD Wealth brand refers to services provided by TD Waterhouse and its parent company TD Bank that provide advice and management of wealth and investments. TD Wealth Financial Planning is the division of TD Waterhouse the provides financial planning. [19] TD Wealth Private Investment Advice is the division that provides private wealth management services. It works with clients to produce an investment strategy and provides them with portfolio management services. [1] The services, along with other TD services from different subsidiaries and divisions of TD Bank, provide TD Wealth Private Wealth Management, a suite of products and services for private wealth management. [1]

Related Research Articles

<span class="mw-page-title-main">Toronto-Dominion Bank</span> Canadian bank and financial services corporation

Toronto-Dominion Bank, doing business as TD Bank Group, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively. It is one of two Big Five banks of Canada founded in Toronto, the other being the Canadian Imperial Bank of Commerce.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">Charles Schwab Corporation</span> American financial services company

The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and institutional clients. It has over 380 branches, primarily in financial centers in the United States and the United Kingdom. It is on the list of largest banks in the United States by assets. As of December 31, 2023, it had $8.5 trillion in client assets, 34.8 million active brokerage accounts, 5.2 million corporate retirement plan participants, and 1.8 million banking accounts. It also offers a donor advised fund for clients seeking to donate securities. It was founded in San Francisco, California, and is headquartered in Westlake, Texas.

<span class="mw-page-title-main">Thinkorswim</span> Electronic trading platform

Thinkorswim is an electronic trading platform owned by Charles Schwab Corporation used to trade financial assets. It is geared for self-directed stock, options and futures traders.

TD Cowen, is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division.

<span class="mw-page-title-main">Scottrade</span> Defunct American stockbrokerage firm

Scottrade was a stockbroker and electronic trading platform that operated via mobile, on the web, and at branches. In September 2017, the stock brokerage division of the company was acquired by TD Ameritrade and absorbed by that company; the banking division, Scottrade Bank, was acquired by Toronto-Dominion Bank and folded into TD Bank, N.A.

<span class="mw-page-title-main">TD Ameritrade</span> American online broker

TD Ameritrade was a stockbroker that offered an electronic trading platform for the trade of financial assets including common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, mutual funds, fixed income investments, margin lending, and cash management services. The company received revenue from interest income on margin balances, commissions for order execution, and payment for order flow.

<span class="mw-page-title-main">IG Group</span> British online trading company

IG Group Holdings plc, trading as IG Group, is a United Kingdom-based online trading provider, offering access to spread betting and CFD trading, which allow traders to bet on the direction of equities, bonds and currencies without owning the underlying assets.

CommSec is Australia's largest online stockbroking firm. It is a subsidiary of the Commonwealth Bank.

<span class="mw-page-title-main">Interactive Investor</span> British online investment service

interactive investor is a subscription-based online investment service in the United Kingdom, founded in 1995. It provides financial information, as well as investment tools. It is the UK's biggest flat-fee investment platform, with £59 billion of assets under administration and over 400,000 customers. The company is based in Manchester, with offices in London and Leeds. Since 2022 it has been a subsidiary of UK-based investment company Abrdn.

Payment for order flow (PFOF) is the compensation that a stockbroker receives from a market maker in exchange for the broker routing its clients' trades to that market maker. It is a controversial practice that has been called a "kickback" by its critics. Policymakers supportive of PFOF and several people in finance who have a favorable view of the practice have defended it for helping develop new investment apps, low-cost trading, and more efficient execution.

<span class="mw-page-title-main">Dain Rauscher Wessels</span> American brokerage and investment banking firm

Dain Rauscher Wessels was a brokerage and investment banking firm based in Minneapolis, Minnesota. The firm traced its origins to a number of smaller regional securities firms founded in the 1920s and 1930s.

CI Direct Trading, a division of CI Investment Services Inc., is an online brokerage firm that provides an electronic trading platform to trade financial assets. The company is headquartered in Toronto, Canada and provides trade execution services for various financial instruments such as stocks, bonds, options, exchange-traded fund (ETF) and mutual funds.

<span class="mw-page-title-main">Merrill Edge</span> Electronic trading platform provided by BofA Securities

Merrill Edge is an electronic trading platform and investment advisory service that provides self-directed and guided investment options for individuals and businesses. It is a subsidiary of Bank of America and was launched in 2010 after the merger between Merrill Lynch and Bank of America. Merrill Edge offers a wide range of investment products, including stocks, bonds, exchange-traded funds (ETFs), margin lending, mutual funds, and options.

Kristi Ross is an entrepreneur based in Chicago. She is co-CEO and President of tastytrade, Inc., a financial media company and parent company to tastyworks, an online brokerage firm; Quiet Foundation, Inc., a registered investment advisory firm; the Small Exchange, Inc., a futures exchange awaiting CFTC approval; and dough, LLC, a new fee free online brokerage firm launching sometime in 2019.

<span class="mw-page-title-main">Interactive Brokers</span> American financial services firm

Interactive Brokers, Inc. (IB), headquartered in Greenwich, Connecticut, is an American multinational brokerage firm. It operates the largest electronic trading platform in the United States by number of daily average revenue trades - in 2023, it processed an average of 3 million trades per trading day. The company brokers stocks, options, futures contracts, EFPs, futures options, forex, bonds, mutual funds, and cryptocurrency. It offers omnibus and non-disclosed broker accounts and provides clearing services to 200 introducing brokers worldwide. It has operations in 34 countries and 27 currencies and has 2.6 million institutional and individual brokerage customers, with total customer equity of $426 billion as of December 31, 2023.

Wealthsimple Inc. is a Canadian online investment management service. The firm was founded in September 2014 by Michael Katchen, Brett Huneycutt, Som Seif, and Rudy Adler and is based in Toronto. As of March 31, 2024, the firm holds over C$38.7 billion in assets under management. It is primarily owned by Power Corporation indirectly at 56.6% through investments made through their holdings in Power Financial, IGM Financial and Portag3.

Credential Qtrade Securities Inc., operating as Qtrade, is a stockbrokerage firm based in Vancouver, Canada. It runs the online investment platform Qtrade Direct Investing and robo-advising service Qtrade Guided Portfolios. As of November 2016, it claimed to have $11.5 billion in assets and partnerships with over 150 Canadian credit unions, as well as insurance companies including Sun Life and Great West Life. Like all brokerages and investment dealers, they are members of Investment Industry Regulatory Organization of Canada (IIROC) and as such, the Canadian Investor Protection Fund (CIPF) protects investors should the brokerage become insolvent.

<span class="mw-page-title-main">Citibank International Personal Bank Singapore</span> Business unit of Citibank Singapore

Citibank International Personal Bank (IPB) Singapore is a business unit of Citibank Singapore that specializes in offshore investment and wealth management products and services to high-net-worth individuals residing outside of Singapore. It has 5 booking centers around the world in London, Jersey, Singapore, Hong Kong and the United States. As of 2018, IPB global had a base of about 260,000 clients and managed assets of more than US$60 billion.

<span class="mw-page-title-main">CI Financial</span> Largest investment management firm by assets under management in Canada

CI Financial is a Canadian investment management company based in Toronto, Ontario. It offers investment management and wealth management services targeted to high net worth retail investors, as well as brokerage and trading services to portfolio managers and institutional investors.

References

  1. 1 2 3 "TD Bank Group - Legal Notices and Disclaimers of Liability". www.td.com. Retrieved 2020-11-21.
  2. ↑ "TD Direct Investing Company History" . Retrieved 2012-07-07.
  3. ↑ "TD's Timeline". www.td.com. Retrieved 8 December 2015.
  4. 1 2 "TD Direct Investing Fees Explained | Wealthsimple". www.wealthsimple.com. Retrieved 2020-11-21.
  5. ↑ "TD Waterhouse IPO proves popular". www.cbc.ca. Retrieved 8 December 2015.
  6. ↑ "TD Bank to take TD Waterhouse private". www.cbc.ca. Retrieved 8 December 2015.
  7. ↑ "TD Waterhouse, E-Trade talk merger". USA Today. Retrieved 8 December 2015.
  8. ↑ "E-Trade makes offer for Ameritrade: report". www.cbc.ca. Retrieved 8 December 2015.
  9. ↑ "Ameritrade to acquire TD Waterhouse USA". www.cbc.ca. Retrieved 8 December 2015.
  10. ↑ "TD Waterhouse Discount Brokerage is now TD Direct Investing". Sparx Trading. Retrieved 2020-11-21.
  11. ↑ Williams, Aime (13 October 2016). "TD Direct Investing bought by 'challenger' broker" . Financial Times. Retrieved 19 March 2018.
  12. ↑ Miao, Hannah (October 16, 2023). "Schwab Gives Traders Access to TD Ameritrade's Thinkorswim Platform" . The Wall Street Journal .
  13. ↑ "Can You Get TD Ameritrade in Canada in June 2024? - Stocktrades". 2022-07-21. Retrieved 2024-06-11.
  14. ↑ "TD Direct Investing launches new state-of-the-art online trading platform TD Active Trader". Yahoo Finance. 2023-11-14. Retrieved 2024-06-11.
  15. ↑ Ma, Baggio (2024-02-16). "thinkorswim Canada is No Longer Available". PiggyBank. Retrieved 2024-06-11.
  16. ↑ "Fees & Pricing – TD Direct Investing". www.td.com. Retrieved 2020-11-21.
  17. ↑ "TD Trading Platforms Comparison – TD Direct Investing". www.td.com. Retrieved 2020-11-21.
  18. ↑ "Trade in Registered or Non-Registered Accounts | TD Direct Investing". www.td.com. Retrieved 2020-11-21.
  19. ↑ "TD Wealth Financial Planning". TIMMINS CHAMBER OF COMMERCE. Retrieved 2020-11-21.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.