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TD Ameritrade Signs XY Planning Network to Platform

By Alex Padalka July 22, 2016

TD Ameritrade Institutional has signed XY Planning Network as the newest customer to its Veo advisor platform, the company says in a press release.

The move is meant to reach out to the next generation of registered investment advisors and young investors who are typically just starting to accumulate wealth, according to TD Ameritrade, which provides brokerage and custodian services to more than 4,500 fee-based independent RIAs.

The 250-plus independent financial planners on XYPN typically work on a monthly retainer – in some cases combined with a fee based on assets under management – and cater to investors between the ages of 36 and 51 (the X for Generation X) and those between 18 and 35 – the Y for generation Y, TD Ameritrade writes in its press release citing a Pew Research Center definition of generations.

The Veo platform is integrated with 104 third-party software providers, and as part of the deal TD Ameritrade will offer business development support to XYPN, which will remain a separate entity, according to the press release.

TD Ameritrade Institutional also recently doled out $5,000 scholarships to 12 students working toward their financial planning bachelor degrees, while two more grants worth $75,000 went to universities to promote financial planning education, according to another press release from the company.