Exec: Wirehouses Are “Turning Their Backs on Small Producers”Posted by in Blog on June 20, 2012
Are wirehouses ignoring smaller producers? That’s what two banking executives said at a recent conference, Investment News reports.
Thomas Nally, who is the president of TD Ameritrade Institutional, told attendees at the company’s Elite Summit, held at Laguna Beach, Calif., that wirehouses are “turning their backs on small producers, so we continue to see people walking out the door.”
Fred Tomczyk, chief executive officer of TD Ameritrade, echoed the sentiment, saying that while wirehouses are helping their biggest names, “there’s still a breakaway trend among sub-billion-dollar teams.”
Tomcyzk also talked about the current state of the United States’ financial system, calling it “significantly deleveraged,” although he did add that the “risk/return” level in America was very safe. The executive said that the U.S. would need “some more short-term stimulus, with a credible long-term plan, to deal with the deficit.” He also indicated that lawmakers had a variety of tough financial issues on their plates.
Written by Lisa Swan