Omaha, Neb. June 29, 2009 – A new survey of independent registered investment advisors (RIAs) released today by TD AMERITRADE Institutional, a division of TD AMERITRADE Holding Corporation (NASDAQ: AMTD), shows RIAs surveyed continue to report strong growth as investors move their money from wirehouses to independent advisors. More than 80 percent of RIAs surveyed report new client numbers are up or remained steady over the last six months as the RIA model continues to build momentum. Half of the RIAs surveyed reported an increase in new clients; many say clients are looking for an alternative to full service brokerages.
Top three reasons new clients chose the RIA model based on the RIAs’ survey responses:

• Dissatisfaction with service, advice, performance or fees at full-service brokerage firms (34 percent)
• RIAs are required to offer advice that is in the best interest of clients (21 percent)
• RIAs offer more personalized service and competitive fee structure (17 percent)

“The survey indicates investors may be looking for a better option for their wealth management needs as they reevaluate their financial situations and start to reenter the market,” said Tom Bradley, president TD AMERITRADE Institutional. “They are turning to the independent registered investment advisor who has a fiduciary responsibility to act in their best interest, provides highly personalized customer service and a competitive fee structure.”
Seventy percent of RIAs surveyed say they were able to avoid major business cost cuts over the last six months, despite lower client assets levels. Advisors who increased business spending overwhelmingly chose to invest in technology and marketing. Advisors who decreased business spending trimmed on average 19 percent of total expenses. Travel and marketing were among the most common budget items affected by the reduction. Responses indicate advisors may be conflicted on whether to increase or decrease marketing spending in the current business environment.
“RIAs are in a position to capitalize on an increasing need for advice and a rise in popularity of the independent business model,” said Bradley. “Firms that find a way to accelerate marketing and sales will increase their client bases and can reap the rewards when we get to the other end of this cycle.”

Kristin Petrick
Corporate Communications
(402) 574.6569
kristin.petrick@tdameritrade.com

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“Investor Education for Main Street America”

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"Investor Education for Main Street America"