TD Wealth Management is one of Canada’s leading wealth management firms, but Bill Hatanaka, group head of Wealth Management for TD Bank Financial Group, is focused on the next big goal. Bill and his team are taking dead aim at becoming the number one player in the Canadian wealth management industry, a goal that’s well within their sights.
Over the last five years, TD Wealth Management has grown an average of 26% per year, from earning $157 million in 2002 to earning more than half a billion dollars in 2007. During that time, the organization also made significant investments in infrastructure and doubled its headcount of financial planners and investment advisors serving clients.
Bill Hatanaka, Group Head of Wealth Management, TD Bank Financial Group
But the most important investment TD Wealth Management has made is building a truly integrated business model. This is the accomplishment that Hatanaka is most proud of and one that he feels sets the organization apart from its competitors.
TD Wealth Management’s five business units—discount brokerage, financial planning, private investment advice, private client group and mutual funds—together form one team, represented by two premium brands: TD Waterhouse and TD Mutual Funds. The integrated model allows the organization to literally share the wealth among businesses in areas such as technology, operations, training and product development.
For Hatanaka, though, the real benefit of the firm’s integrated structure is felt by its clients. “Every team member, no matter what area of our business they’re in, is focused on delivering a truly exceptional experience to our clients, ensuring they get the advice and services that are right for them,” says Hatanaka. “This has helped earn us a reputation as the most approachable firm in the industry. In a business where people and relationships are number one, this is invaluable.”
TD Wealth Management also enjoys a strong relationship with TD Canada Trust, which offers clients access to a full spectrum of financial services and ensures flow of clients from one business to the other according to their needs. Over the years, referrals to TD Waterhouse from TD Canada Trust and vice-versa have grown by 50% every year, a powerful testament to the success of the organization’s integration strategy.
“We’ve worked hard to create a culture of partnership and collaboration, where our team has everything to gain and nothing to lose from referring clients to the right person or business to suit their needs,” explains Hatanaka.
Throughout people’s lives, their wealth management needs evolve and change. As baby boomers head into retirement, for example, their focus will shift to issues like business succession planning, asset preservation, estate planning and charitable giving. Similarly, clients content to manage their own portfolios today may find that as their finances become increasingly complex, they prefer to download the responsibilities to a portfolio manager.
With its integrated offering, TD Wealth Management can move clients seamlessly through the various life stages and wealth management needs they will experience over their lifetime, offering access to a network of wealth management professionals, guidance and tools, advice and solutions that fit their specific needs. TD Waterhouse takes a comprehensive approach to understanding clients’ needs and ensuring they provide the appropriate solutions to meet those needs.
“Our expertise and product offering is second to none, which allows us to offer our clients the solutions they need, but I believe our real strength lies in our integrated offering. The power of so many people working together towards a common goal of providing our clients peace of mind knowing that they’ve chosen a trusted partner is what really sets us apart from the competition,” says Hatanaka.
