Nally: Wirehouses are "turning their backs’ on small producers
Although he sees wirehouses responding to the needs of their biggest teams, TD Ameritrade Inc. chief executive Fred…
Although he sees wirehouses responding to the needs of their biggest teams, TD Ameritrade Inc. chief executive Fred Tomczyk thinks that “there’s still a breakaway trend among sub-billion-dollar teams.”
That thought was echoed by Thomas Nally, president of TD Ameritrade Institutional, who said that wirehouses are “turning their backs on small producers, so we continue to see people walking out the door.”
They made their re-marks at the firm’s Elite Summit in Laguna Beach, Calif., last week.
As for the economic outlook, Mr. Tomczyk said that America’s financial system has “significantly deleveraged.”
He added that “the risk/return in the U.S. is probably the safest” among developed nations and cautioned that the United States still needs to see more political leadership and predicted that it will be a long, slow recovery.
“We probably need some more short-term stimulus, with a credible long-term plan, to deal with the deficit,” Mr. Tomczyk said, adding that while too much new regulation could be a drag, policymakers face bank capital, liquidity, mortgage market and money market fund issues.
— Dan Jamieson
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