Financial Advisors Are Now Able to Address the Philanthropic Needs of High Net
Worth Clients as Part of a Comprehensive Wealth Management Strategy
ORLANDO, Fla., Feb. 22 /PRNewswire-FirstCall/ -- TD Waterhouse
Institutional Services has announced that its financial advisor clients now
have the ability to provide "ready-to-fund" private foundations and related
administrative services for their clients through an agreement with Foundation
Source, a philanthropic services company. The announcement was made at
Partnership 2002, TD Waterhouse's Annual National Financial Advisor Conference
in Orlando, Florida.
Through this agreement, TD Waterhouse will provide a co-branded solution
to its network of over 2,000 independent financial advisors, enabling them to
provide a comprehensive wealth management offering to meet the needs of high
net worth clients. This co-branded solution provides financial advisors with
two primary benefits while serving their client's needs: expanded assets under
management and a stable asset pool that spans multiple generations.
"In an increasingly competitive marketplace, advisors are always looking
for ways to distinguish their services and this offering provides access to a
powerful new asset-gathering product that benefits the affluent client, the
community and the advisor," said J. Thomas Bradley, Jr., president of TD
Waterhouse Institutional Services. "Private foundations were traditionally
established as a wealth management and charitable giving tool aimed at a small
number of very affluent clients. Foundation Source's innovative approach and
technology-based solution significantly reduces the expense, complication and
ongoing administrative burden associated with this powerful planned giving and
tax management tool, making it practical for a much wider audience."
According to data from the American Association of Fundraising Counsel and
the Foundation Center, philanthropy is alive and well. In fact, Americans
gave more than $203 billion to charity last year, a number that has grown at a
compounded annual rate of 7.9% since 1970. However, among the seven million
individuals with $1 million or more in net worth, fewer than 50,000, or
one-half of one percent, have taken advantage of one of the best planned
giving and tax management vehicles available, the private charitable
foundation.
"TD Waterhouse understands the increasing importance of philanthropy for
affluent Americans as they decide how to best manage and distribute their
wealth," said Douglas K. Mellinger, chairman and CEO of Foundation Source.
"By offering its financial advisors a private foundation capability, TD
Waterhouse helps them help their clients maximize charitable giving, while
creating a stable pool of long-term assets."
About Foundation Source (http://www.foundationsource.com)
A philanthropic services company, Foundation Source is the first to offer
automated technology and administrative services that make private charitable
foundations faster, easier and less expensive to provide and manage. The
company partners with financial institutions to enable them to offer private
foundations as part of a comprehensive wealth management plan for their high
net worth clients. Financial institutions earn fees for asset management and
financial planning, while their high net worth clients establish a personal
philanthropic legacy and reduce taxes. This turnkey solution is easy to use,
powerful and rapidly deployable. This is the first of an entire suite of
philanthropic solutions to be offered by the company. Foundation Source is
based in Norwalk, CT.
About TD Waterhouse Institutional Services (http://www.tdwaterhouseinst.com)
TD Waterhouse Institutional Services provides comprehensive financial
services to over 2,000 independent financial advisors, whose clients
collectively account for approximately 16% of TD Waterhouse's U.S. customer
assets. TD Waterhouse Institutional has serviced advisors for 10 years. We
provide advisors and their clients with world-class service, cutting-edge
technology and a comprehensive offering of products and services, all at a
very low cost. TD Waterhouse Institutional is a division of TD Waterhouse
Investor Services, Inc. (Member NYSE/SIPC), a subsidiary of TD Waterhouse
Group, Inc.
TD Waterhouse Group, Inc. provides investors and financial advisors with a
broad range of brokerage, mutual fund, banking and other consumer financial
products on an integrated basis. Worldwide, TD Waterhouse currently services
3.3 million active customer accounts in the United States, Canada, the United
Kingdom, and Australia. The firm also has joint ventures in Japan,
Luxembourg, Hong Kong and India to serve investors in those countries. TD
Waterhouse can be found on the Internet at http://www.tdwaterhouse.com and on
America Online at Keyword: TD Waterhouse. TD Waterhouse is a wholly owned
subsidiary of TD Bank (NYSE: TD; TSE) and part of TD Bank Financial Group.
Headquartered in Toronto, Canada, with offices around the world, TD Bank
Financial Group offers a full range of financial products and services to
approximately 13 million customers worldwide.
SOURCE TD Waterhouse Group, Inc.
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Related links:
http://www.foundationsource.com
http://www.tdwaterhouse.com
CONTACT:
Melissa Fox of TD Waterhouse Group, Inc.,
+1-212-908-3101, MelissaFox@TDWaterhouse.com; Chuck Kaufman of
The Kaufman Group, +1-617-641-9005, ckaufman@tkgresults.com, for
Foundation Source; or Tom Dittrich of Foundation Source,
+1-203-229-1399, tdittrich@foundationsource.com
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