News, Vision & Voice for the Advisory Community


TD Ameritrade is 'gathering feedback' after Michael Kitces's blogged overture for RIA collective bargaining on wholesale ETF line-up shift

The blogger and RIA platform owner offered three compromises and one request for a deadline extension but the RIA custodian is thus far having none of it

Author Brooke Southall
October 20, 2017 at 11:47 PM
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MIchael Kitces: TD Ameritrade continues to maintain that lots of firms are happy, but I have not heard from one that is pleased with the changes. Literally not one.

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Alan Moore is CEO of both XY Planning Network and AdvicePay -- and he has three young kids; Michael Kitces agreed to let him hire a full-time replacement CEO for AdvicePay -- with some giant reqirements for the new exec.

February 14, 2023 at 3:15 AM

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one

The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says

October 11, 2022 at 12:40 AM

Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair

RIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots

January 12, 2022 at 3:13 AM

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Consulting Firm
Top Executive: Michael Kitces

Sean Kernan

Sean Kernan

October 21, 2017 — 1:18 AM
Michael can cause some serious PR damage, but at the moment XYPN only represents 1 of the 750 billion that TD has on its platform. Not sure they care about if $7 trades (if you can't or won't shift to SPDRs) are going to be a problem for next gen clients. They never were are not now a partner, they are a vendor....seems shortsighted to assume things never change, especially when it involves a publicly traded company wanting to make more money.


October 21, 2017 — 8:15 PM
I understand that TD is a vendor not a partner and that as a publicly traded company they have every right to make changes for their shareholders benefit. It would have been easier to accept this change had advisors been given more notice. For advisors who use the NTF platform as part of their strategy, 30 days simply is not enough time to make all of these changes. Second, and to me this is the most important issue - the new less expensive State Street ETFs trade on average less than 25,000 shares per day. This is less than 1% of the volume of the Vanguard and iShare ETFs being replaced. As a fiduciary, I cannot purchase ETFs which trade this thinly and also feature spreads of 0.50+.
Sean P Kernan

Sean P Kernan

October 22, 2017 — 11:53 PM
Yes, you can...use limit orders.
Jeff Spears

Jeff Spears

October 23, 2017 — 6:17 PM
Joe Giannone is smart and good guy that is starting to sound like Sean Spicer.
Stephen Winks

Stephen Winks

October 23, 2017 — 6:25 PM
The independent RIA is gaining scale and power in the marketplace. It is where all the growth is coming from and is distinctly different from conventional brokerage. The new TDA management line up seems more comfortable with captured brokers (Scott Trade) than advisors (the old TDA) who increasingly have choice. SCW
The Contra Winks

The Contra Winks

October 27, 2017 — 1:44 AM
Stephen- Surely you understand the difference between NTF ETF's and the Bid/Ask expense? This has absolutely nothing to do with Captive Brokers and RIAs. Most Advisors whether RIA, Captive or otherwise have no clue how NTF or Commission free math works or they've chosen not to dig into the math.
Stephen Winks

Stephen Winks

October 27, 2017 — 9:12 PM
Contra, I understand perfectly why CALPERS bought the source code of Computer Aided Decisions (sub-accounting, trade and order routing and reporting) to create the first zero trading cost environment to fulfill their fiduciary duty. As matter of fact, minimizing trade execution cost is one of the determinants of professional standing in advisory services which is why the RIA will eclipse conventional brokerage. There are several large RIAs with scale working to that end. You presume conventional brokerage which openly opposes fiduciary duty is a viable path to expert fiduciary standing. As for my understanding of spreads , I am ready to take you to school. SCW

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