Toronto-Dominion Bank is moving its US financial advisor unit from its wealth management business to discount brokers TD Ameritrade, in which TD Bank has a 48.5 per cent stake, and is giving clients the option to follow or join the bank’s wealth management private client services unit.

The move will see the financial advisory unit phased out over the next few months and TD Ameritrade become its primary provider of brokerage and investment services.

Meanwhile, clients of the financial advisory unit, currently part of TD Wealth Management, will have the option of transferring over to TD Ameritrade. High net worth clients will have the option of joining TD Wealth Management’s private client services or TD Ameritrade.

The bank has decided to consolidate the firm’s brokerage and investment services to enable each business to hone in on its area of expertise; the needs of financial advisory clients fit well with Ameritrade’s offering, while HNW clients will benefit from the customised service of the private client services team, a spokesperson for the firm said.