management Archives - Page 17 of 47

October 30, 2022

UBS launches digital wealth management platform, WE.UBS, in Shenzhen, China

The cell Application “WE.UBS” combines UBS’s 160 yrs of prosperity administration companies with the latest know-how capabilities. It delivers customers an ground breaking, electronic provider model with proactive fiscal arranging dependent on significant details and UBS Main Expense Office (CIO) views. It is remarkably interactive where clients can full on-boarding in a several minutes and appreciate a a person-cease company. The system supplies the two regional and global expense alternatives through a robust variety method, committed trader schooling as nicely as 24-hour monitoring based mostly on market place developments.

Edmund Koh, President, UBS Asia Pacific explained, “China is leading the way in prosperity creation and digital transformation globally. As the world’s most significant wealth supervisor, it is our objective to be the main world wealth manager and the #1 electronic-to start with prosperity advisor for our focused consumers in China. “

UBS FS has been founded in Shenzhen, the important motor behind the Higher Bay Spot (GBA), a single of the quickest-developing locations in China. The GBA is supported by favourable procedures, bigger connectivity and populace expansion with about 86 million inhabitants and a GDP of RMB12.6 trillion (USD1.9 trillion)¹. Chinese affluent persons will surpass 56 million in 2022², with a sizeable proportion of them dwelling in the GBA. Iqbal Khan, President International Prosperity Administration of UBS stated, “Desire for specialist prosperity administration solutions, delivered digitally, is escalating exponentially in China. Next our launch in Shenzhen, we will emphasis on customers in the GBA before broadening out to other towns.”

WE.UBS is collaborating with a number of company companions and fund homes to make an ecosystem that can help clientele realize their possess and their family’s financial aims. “This platform goes beyond a financial institution delivering a service or a solution. Our ecosystem covers the requires of clientele in distinctive elements of their lifestyle with tiered choices centered on the client’s connection with us. This is one of a kind in China,” claimed Andy Ho, Typical Supervisor of UBS FS.

In addition to Andy Ho, the officiating company at today’s launch ceremony involved Jie HE, Director of Shenzhen Municipal Money Regulatory Bureau Jean Philippe Praz, Consul General of Switzerland in Guangzhou Amy Lo, Co-head, UBS Prosperity Management Asia Pacific, UBS World-wide Wealth Administration Eugene Qian, UBS China Country Head and Chairman of UBS Securities as effectively as the organization partners.

Sources: ¹Governing administration of Guangdong Province, as at stop of 2021.^{² “China Prosperity Administration: Opportunities and Challenges to 2022” (GlobalData) such as mass affluent with liquid assets of USD50,000– 1million and substantial net worth population with in excess of USD1 million.}

October 29, 2022

TD ESTABLISHES A WEALTH MANAGEMENT AND INSURANCE REPORTING SEGMENT

New alignment of segments reflects the growth and scale of businesses

TORONTO, Oct. 28, 2022 /CNW/ – TD Bank Group (“TD” or the “bank”) announced today a new alignment of its reportable business segments to establish a Wealth Management and Insurance segment. This change is effective the beginning of the fourth quarter of 2022 and reflects how the Bank will now view its businesses for management reporting purposes. Previously, Wealth Management and Insurance was reported along with Canadian Personal and Commercial Banking in the Canadian Retail segment.

“The Wealth Management and Insurance businesses provide a significant and growing contribution to TD’s success. They have an increasingly high profile in senior management analysis and strategic planning and this new reporting alignment provides TD shareholders with additional information on their performance,” said Kelvin Tran, Senior Executive Vice President and Chief Financial Officer, TD Bank Group.

An abridged version of the supplemental financial information package reflecting the new alignment of the Bank’s reportable segments on a retrospective basis is now available on td.com/investor.

TD Wealth Management includes the #1 online brokerage, the #1 institutional money manager and a rapidly growing Wealth Management advice provider in Canada. TD Insurance includes the #1 Direct-to-Consumer Insurer for Home and Auto, and the #1 Affinity provider in Canada. With combined compound annual growth of 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} net income after tax (NIAT) in Wealth Management and Insurance over the past five years, the businesses are well-positioned to continue to deliver exceptional experiences for customers and clients and achieve their strategic ambitions.

SEGMENT ALIGNMENT

The Bank will report its results under the following segments, with comparative periods showing the new aligned segments:

Canadian Personal and Commercial Banking, comprised of the Canadian personal and commercial banking businesses which provides financial products and services to personal, small business and commercial customers, and TD Auto Finance Canada.
U.S. Retail, comprised of the personal and business banking businesses in the U.S. operating under the brand TD Bank, America’s Most Convenient Bank®, primarily in the Northeast and Mid-Atlantic regions and Florida, TD Auto Finance U.S., and the U.S. wealth business, including Epoch and the Bank’s equity investment in Schwab.
Wealth Management and Insurance, includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada.
Wholesale Banking, provides a wide range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of the Bank’s clients.
Corporate, includes the Bank’s other activities.

An abridged version of the supplemental financial information package reflecting the newly aligned reportable segments is being provided to help readers of the Bank’s financial statements better understand the impact on the Bank’s consolidated financial results. The comparative period results reflecting the new segment alignment presented below and in the accompanying supplemental financial information package are unaudited. Certain information has been adjusted as defined under the heading ‘Non-GAAP Financial Measures’ below.

Presented below are reported and adjusted Net income (loss) by business segment reflecting the Bank’s newly aligned reportable segments.

Net Income (loss) by Business Segment¹
(millions of Canadian dollars)				For the three months ended								For the nine months ended
		July 31, 2022			April 30, 2022				January 31, 2022				July 31, 2022
		Reported	Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Canadian Personal and Commercial Banking	$	1,678	1,678	$	1,568	$	1,568	$	1,618	$	1,618	$	4,864	$	4,864
U.S. Retail²		1,442	1,464		1,367		1,198		1,272		1,272		4,081		3,934
Wealth Management and Insurance		575	575		668		668		636		636		1,879		1,879
Wholesale Banking		271	271		359		359		434		434		1,064		1,064
Corporate²		(752)	(175)		(151)		(79)		(227)		(127)		(1,130)		(381)
Net income (loss)	$	3,214	3,813	$	3,811	$	3,714	$	3,733	$	3,833	$	10,758	$	11,360
				For the years ended October 31
											2021				2020
									Reported		Adjusted		Reported		Adjusted
Canadian Personal and Commercial Banking								$	5,885	$	5,885	$	3,996	$	3,996
U.S. Retail									4,985		4,985		3,026		3,026
Wealth Management and Insurance³									2,596		2,596		2,030		2,128
Wholesale Banking									1,570		1,570		1,418		1,418
Corporate⁴									(738)		(387)		1,425		(600)
Net income (loss)								$	14,298	$	14,649	$	11,895	$	9,968

	¹ For more detailed information on a reported basis refer to the Segmented Information disclosure included with this press release.
	² Refer to the “How We Performed” section of the Bank’s second quarter 2022 Management’s Discussion and Analysis (MD&A) and third quarter 2022 MD&A which are available on SEDAR at www.sedar.com, and are incorporated by reference, for a list of the items of note, and a reconciliation of adjusted to reported results. Non-GAAP financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.
	³ Adjusted Net income (loss) excludes charges associated with the acquisition of Greystone – 2020: $100 million ($98 million after tax).
	⁴ Adjusted Net income (loss) excludes the following items of note:
	i.	Amortization of acquired intangibles – 2021: $285 million ($253 million after tax); 2020: $262 million ($225 million after tax).
	ii.	Acquisition and integration charges related to the Schwab transaction – 2021: $103 million ($98 million after tax).
	iii.	Net gain on sale of investment in TD Ameritrade – 2020: $1,421 million ($2,250 million after tax).

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management’s Discussion and Analysis (“2021 MD&A”) in the Bank’s 2021 Annual Report under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, under the headings “Key Priorities for 2022” and “Operating Environment and Outlook” for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading “Focus for 2022” for the Corporate segment, and in other statements regarding the Bank’s objectives and priorities for 2022 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank’s anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank’s information technology, internet, network access or other voice or data communications systems or services; model risk; fraud activity; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank’s use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization “bail-in” regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank’s credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk (including climate change); and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the 2021 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the heading “Pending Acquisition” or “Significant and Subsequent Events and Pending Acquisitions” in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2021 MD&A under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, under the headings “Key Priorities for 2022” and “Operating Environment and Outlook” for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading “Focus for 2022” for the Corporate segment, each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

Non-GAAP Financial Measures

In addition to reported results, the Bank also presents certain financial measures, including non-GAAP financial measures that are historical, non-GAAP ratios, supplementary financial measures and capital management measures, to assess its results. Non-GAAP financial measures, such as “adjusted” results, are utilized to assess the Bank’s businesses and to measure the Bank’s overall performance. To arrive at adjusted results, the Bank adjusts reported results for “items of note”. Items of note are items which management does not believe are indicative of underlying business performance. Non-GAAP ratios include a non-GAAP financial measure as one or more of its components. Examples of non-GAAP ratios include adjusted basic and diluted earnings per share (EPS), adjusted dividend payout ratio, adjusted efficiency ratio, and adjusted effective income tax rate. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s performance. Non-GAAP financial measures and non-GAAP ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. For more information of a general nature, see “How the Bank Reports” in the Bank’s third quarter 2022 MD&A.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves more than 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank^®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.8 trillion in assets on July 31, 2022. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

SEGMENTED INFORMATION

For management reporting purposes, commencing the fourth quarter of 2022, the Bank reports its results under four key business segments: Canadian Personal and Commercial Banking, which includes the results of the Canadian personal and commercial banking businesses, and TD Auto Finance Canada; U.S. Retail, which includes the results of U.S. personal and business banking, TD Auto Finance U.S., the U.S. wealth business, and the Bank’s investment in Schwab; Wealth Management and Insurance; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment. The comparative period results have been adjusted accordingly to reflect the new segment alignment.

Canadian Personal and Commercial Banking provides financial products and services to personal, small business and commercial customers, and includes TD Auto Finance Canada. U.S. Retail is comprised of the personal and business banking in the U.S. operating under the brand TD Bank, America’s Most Convenient Bank®, primarily in the Northeast and Mid-Atlantic regions and Florida, TD Auto Finance U.S., and the U.S. wealth business, including Epoch and the Bank’s equity investment in Schwab. Wealth Management and Insurance includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada. Wholesale Banking provides a wide range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of the Bank’s clients. The Bank’s other activities are grouped into the Corporate segment. The Corporate segment includes the effects of certain asset securitization programs, treasury management, elimination of taxable equivalent adjustments and other management reclassifications, corporate level tax items, and residual unallocated revenue and expenses.

The results of each business segment reflect revenue, expenses, and assets generated by the businesses in that segment. Due to the complexity of the Bank, its management reporting model uses various estimates, assumptions, allocations, and risk-based methodologies for funds transfer pricing, inter-segment revenue, income tax rates, capital, indirect expenses and cost transfers to measure business segment results. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments. Transfer pricing of funds is generally applied at market rates. Intersegment revenue is negotiated between each business segment and approximates the fair value of the services provided. Income tax provision or recovery is generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities unique to each segment. Amortization of intangibles acquired as a result of business combinations is included in the Corporate segment. Accordingly, net income for business segments is presented before amortization of these intangibles.

Non-interest income is earned by the Bank primarily through investment and securities services, credit fees, trading income, service charges, card services, and insurance revenues. Revenues from investment and securities services are earned predominantly in the Wealth Management and Insurance segment. Revenues from credit fees are primarily earned in the Wholesale Banking and Canadian Personal and Commercial Banking segments. Trading income is earned within Wholesale Banking. Both service charges and card services revenue are mainly earned in the U.S. Retail and Canadian Personal and Commercial Banking segments. Insurance revenue is earned in the Wealth Management and Insurance segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

Results by Business Segment¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the three months ended July 31
			2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Net interest income		$	3,199	$	2,848	$	2,453	$	1,990	$	249	$	196	$	786	$	632	$	357	$	338	$	7,044	$	6,004
Non-interest income			1,061		953		648		691		2,511		2,582		290		451		(629)		31		3,881		4,708
Total revenue			4,260		3,801		3,101		2,681		2,760		2,778		1,076		1,083		(272)		369		10,925		10,712
Provision for (recovery of)
	credit losses		170		99		107		(96)		–		1		25		2		49		(43)		351		(37)
Insurance claims and related
	expenses		–		–		–		–		829		836		–		–		–		–		829		836
Non-interest expenses			1,807		1,655		1,715		1,518		1,150		1,093		691		635		733		715		6,096		5,616
Income (loss) before income
	taxes and share of net income
	from investment in Schwab		2,283		2,047		1,279		1,259		781		848		360		446		(1,054)		(303)		3,649		4,297
Provision for (recovery of)
	income taxes		605		544		126		161		206		226		89		116		(323)		(125)		703		922
Share of net income from
	investment in Schwab ^3,4		–		–		289		197		–		–		–		–		(21)		(27)		268		170
Net income (loss)		$	1,678	$	1,503	$	1,442	$	1,295	$	575	$	622	$	271	$	330	$	(752)	$	(205)	$	3,214	$	3,545

Results by Business Segment (continued)¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the nine months ended July 31
			2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Net interest income		$	9,008	$	8,332	$	6,647	$	5,971	$	673	$	563	$	2,254	$	1,941	$	1,141	$	1,062	$	19,723	$	17,869
Non-interest income			3,124		2,731		2,183		2,007		7,556		7,360		1,418		1,609		(535)		176		13,746		13,883
Total revenue			12,132		11,063		8,830		7,978		8,229		7,923		3,672		3,550		606		1,238		33,469		31,752
Provision for (recovery of)
	credit losses		262		203		110		(174)		1		2		11		(41)		66		(91)		450		(101)
Insurance claims and related
	expenses		–		–		–		–		2,177		2,057		–		–		–		–		2,177		2,057
Non-interest expenses			5,255		4,928		4,944		4,800		3,503		3,163		2,231		2,051		2,163		2,187		18,096		17,129
Income (loss) before income
	taxes and share of
	net income from
	investment in Schwab		6,615		5,932		3,776		3,352		2,548		2,701		1,430		1,540		(1,623)		(858)		12,746		12,667
Provision for (recovery of)
	income taxes		1,751		1,576		460		393		669		713		366		390		(557)		(361)		2,689		2,711
Share of net income from
	investment in Schwab^3,4		–		–		765		652		–		–		–		–		(64)		(91)		701		561
Net income (loss)		$	4,864	$	4,356	$	4,081	$	3,611	$	1,879	$	1,988	$	1,064	$	1,150	$	(1,130)	$	(588)	$	10,758	$	10,517

Results by Business Segment¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the years ended October 31
			2021		2020		2021		2020		2021		2020		2021		2020		2021		2020		2021		2020
Net interest income		$	11,195	$	11,289	$	8,074	$	8,834	$	762	$	772	$	2,630	$	1,990	$	1,470	$	1,612	$	24,131	$	24,497
Non-interest income			3,722		3,415		2,684		2,438		9,827		8,857		2,070		2,968		259		1,471		18,562		19,149
Total revenue			14,917		14,704		10,758		11,272		10,589		9,629		4,700		4,958		1,729		3,083		42,693		43,646
Provision for (recovery of)
	credit losses		256		2,746		(250)		2,925		2		–		(118)		508		(114)		1,063		(224)		7,242
Insurance claims and related
	expenses		–		–		–		–		2,707		2,886		–		–		–		–		2,707		2,886
Non-interest expenses			6,648		6,499		6,417		6,579		4,355		3,942		2,709		2,518		2,947		2,066		23,076		21,604
Income (loss) before income
	taxes and share of net
	income from investment in
	Schwab and TD Ameritrade		8,013		5,459		4,591		1,768		3,525		2,801		2,109		1,932		(1,104)		(46)		17,134		11,914
Provision for (recovery of)
	income taxes		2,128		1,463		504		(167)		929		771		539		514		(479)		(1,429)		3,621		1,152
Share of net income from
	investment in Schwab and
	TD Ameritrade^3,4		–		–		898		1,091		–		–		–		–		(113)		42		785		1,133
Net income (loss)		$	5,885	$	3,996	$	4,985	$	3,026	$	2,596	$	2,030	$	1,570	$	1,418	$	(738)	$	1,425	$	14,298	$	11,895

	¹ The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements.
	² Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.
	³ The after-tax amounts for amortization of acquired intangibles and the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade are recorded in the Corporate segment.
	⁴ The Bank’s share of Schwab’s earnings is reported with a one-month lag. Refer to Note 7 of the Bank’s third quarter 2022 Interim Consolidated Financial Statements for additional details.

Total Assets by Business Segment
(millions of Canadian dollars)
	Canadian Personal				Wealth
	and Commercial				Management		Wholesale
	Banking		U.S. Retail		and Insurance		Banking		Corporate		Total
	As at July 31, 2022
Total assets	$	519,327	$	576,952	$	24,189	$	579,825	$	140,518	$	1,840,811

	As at October 31, 2021
Total assets	$	484,857	$	559,503	$	24,579	$	514,681	$	145,052	$	1,728,672

	As at October 31, 2020
Total assets	$	449,656	$	566,629	$	22,714	$	512,886	$	163,980	$	1,715,865

SOURCE TD Bank Group

For further information: Brooke Hales, Vice President, Investor Relations, 416-307-8647, Brooke.hales@td.com; Elizabeth Goldenshtein, Senior Manager, Media Relations, 647-625-3124, Elizabeth.goldenshtein@td.com

October 28, 2022

RBC Wealth Management working to make financial services more inclusive, joins Financial Alliance for Racial Equity

MINNEAPOLIS, Oct. 27, 2022 /PRNewswire/ – RBC Prosperity Management – U.S. is fully commited to bringing much more diversity to money products and services. That is why the firm is fired up to be a part of in pursuits with the Economic Alliance for Racial Fairness (FARE) coalition. RBC Prosperity Administration thoroughly supports the FARE mission to unite financial providers companies, traditionally Black faculties and universities and business associates all around the intention of earning a profession in economic companies a lot more captivating and inclusive.

“We have manufactured development in making our market a much more attractive area for females to increase and thrive as money advisors,” stated Shareen Luze, Head of lifestyle and area working experience at RBC Wealth Management. “But we nonetheless have a ton of get the job done to do to make it extra inclusive for Black, Indigenous and Persons of Coloration.”

As a member of FARE, RBC Wealth Administration will concentration on making awareness of prospects to entice and retain varied talent to the economic solutions marketplace, escalating retention between early job professionals of coloration and encouraging mid- to late-vocation gurus mature in their vocation.

“The Economical Alliance for Racial Fairness was made mainly because it was apparent that no personal company could fix this problem on its own,” explained Kristi Rodriguez, Senior Vice President of Nationwide, which is a founding member of FARE. “We realized we could make a much even bigger impact by doing work collectively as an sector to push change. RBC Prosperity Administration delivers a tremendous motivation to this induce, which will make them an superb addition to the FARE coalition.”

Investigation reveals that Black economic advisors experience unique troubles such as discrimination and deficiency of mentorship possibilities, and it translates into much less African American advisors signing up for our ranks.

In accordance to data collected by FARE, 67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of students who participated in a recent survey say they obtain the financial providers field attractive, but 90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Black college students come to feel there are worries that are unique to Black money advisors. Analysis demonstrates that deficiency of aid and discrimination by consumers deter them from picking a occupation as advisors.

“These findings are an urgent simply call to action for our field,” claimed Luze. “In addition to creating alterations to our recruiting outreach, expanding mentorship alternatives and other actions to foster inclusion, becoming a member of FARE is an additional action RBC Prosperity Administration is taking to enable bring serious improve to our business.”

As a member of the coalition, RBC Prosperity Management participated in FARE’s HBCU Link party, “Locating Your In good shape in Financial Solutions” on Oct. 19 in Columbus, Ohio, wherever recruiters networked with pupils and new graduates. Reps from the firm also spoke at the convention about their path into the economical solutions market and their encounter operating in the agency.

Elijah Hall, a consumer associate in Canonsburg, PA, claims what attracted him to RBC Wealth Management is the supportive setting and a society of mentorship and opportunities for development. And his purpose doing work instantly with clients is rewarding.

“The point that I make this sort of a good impact on clients’ lives and viewing them see earlier the color of my pores and skin is good,” he mentioned. “They seem to be to have a good deal of respect for me and that extends to regard for the African American local community as a complete.”

About RBC

Royal Financial institution of Canada is a global fiscal establishment with a purpose-pushed, rules-led strategy to providing major general performance. Our achievements arrives from the 92,000+ personnel who leverage their imaginations and insights to bring our eyesight, values and strategy to lifetime so we can support our consumers prosper and communities prosper. As Canada’s biggest financial institution and one particular of the premier in the environment, based on industry capitalization, we have a diversified organization product with a concentration on innovation and delivering extraordinary activities to our 17 million consumers in Canada, the U.S. and 27 other international locations. Master additional at rbc.com.

We are very pleased to help a broad assortment of local community initiatives via donations, local community investments and worker volunteer routines. See how at rbc.com/community-social-impact.

About RBC Wealth Management – U.S.

In the United States, RBC Wealth Management operates as a division of RBC Funds Marketplaces, LLC. Started in 1909, RBC Wealth Management is a member of the New York Stock Trade, the Money Business Regulatory Authority, the Securities Investor Protection Corporation, and other key securities exchanges. RBC Prosperity Management has $510 billion in full shopper belongings with far more than 2,100 economical advisors working in 184 destinations in 42 states.

About FARE

Founded on study, the Financial Alliance for Racial Equity (FARE) was released by several foremost fiscal services corporations, field associations and Historically Black Schools and Universities (HBCUs) in September 2020. The FARE mission is to increase racial diversity, drive larger equity and foster inclusion in just the economic products and services business and the communities served. In addition to RBC Wealth Administration, the FARE coalition involves: Swiss Re, Morgan Stanley, M Monetary Team, NFP, Employee Reward Study Institute, Huntington Lender, Franklin Templeton, Miami Lifetime, Advisor Team, DCIIA, the American Higher education of Monetary Providers, Cash Team, American Retirement Association, CFP Board and Nationwide, in partnership with six HBCUs, including Hampton College, Howard College, Lincoln University, Virginia Point out College, Virginia Union College and Winston-Salem Condition College.

Supply RBC Wealth Administration – U.S.

October 27, 2022

7 wealth management takeaways from Arizent’s latest DEI research

When speaking about diversity in prosperity management, Barbara Bilello reported she speaks as plainly as doable about the progress getting built by the market that she loves and has devoted virtually 3 decades of her daily life to.

“Prosperity management has a large amount of perform to do,” Bilello, a companion and prosperity advisor at RegentAtlantic, explained to Monetary Setting up. With a career in economical providers that began in 1994 and has consistently included advocating on behalf of the underrepresented, Bilello sees a good deal of area for improvement.

Barbara Bilello, spouse and prosperity advisor at RegentAtlantic

“Aspect of the concern with prosperity administration is that there is a pretty very clear absence of females monetary advisors. There is an absence or a void of (diverse) portfolio administrators. And the reality is that when I assume about what we can be undertaking superior, we have obtained to get individuals a small little bit a lot more invested and informed about this profession … which I adore,” she mentioned. “Just 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of wealth advisors across the state are females, and I’ll wager you pounds to doughnuts it is really a portion of a fraction of that for LGBTQ, which is a neighborhood I am a member of.”

Amid the tall activity of acquiring accurate equity in wealth administration, a deep passion for the industry and its capacity to alter life for the far better drives Bilello forward. She thinks that the ongoing trade of “non-common” encounters has the energy to normalize all experiences, opening the door for additional folks to get the fiscal steering they need whilst escalating the organization in the course of action.

“The lens I appear by is far more of a kaleidoscope. It is a really colorful, dimensional working experience for me for the reason that I’ve been through diverse points and I’ve had different experiences as an unique in money solutions,” she explained. “I’ve had to see the environment a minimal bit otherwise.”

The 2nd annual DEI research from Fiscal Organizing parent organization Arizent explores the point out of inclusion throughout industries, the effect a devoted DEI approach can have on small business and how leaders in fiscal products and services can carry on to champion diversity.

The target of the investigate is to fully grasp how various groups working experience their workplaces, and how the diverse approaches to addressing diversity, equity and inclusion are affecting employees. The insights gathered and shared in Arizent’s 2022 report intention to bring data details to DEI metrics not quickly quantifiable and detect places that need to have the most improvement.

It can be those people more challenging-to-track points that make a world of big difference for Jesse Wideman, Jr., a qualified monetary planner and senior money planner at Side Prosperity in Baltimore. He feels that tracking attitudes, office toxicity and whether or not or not advisors of coloration really feel valued dependent on what they’ve experienced on the career can often say more than demographic figures.

Jesse Wideman Jr., senior fiscal planner at Facet Prosperity

It is really all those challenges that get to the coronary heart of the a lot more covert, passive-intense negativity that underrepresented teams knowledge in skilled settings — interactions that may well look harmless to some, but have the energy to completely derail many others.

Wideman adds that even as the headcounts boost, there continue to demands to be an comprehension that each particular person in just a particular demographic is exclusive. One-dimensions-suits-all fixes won’t stand the take a look at of time.

“At the stop of the day, it can be really hard to say we are going to encourage a balanced work surroundings for anyone who is white vs . someone who is Asian or somebody who is African-American or another person who is Hispanic. Simply because that seems different for every and every person,” he claimed. “It starts off with inquiring, ‘who’s in cost? Who is influencing the lifestyle?’

“I think it is really understanding what nutritious looks like for all people and indicating, how do we want to assist it? And are we heading to make a conscious energy to do so at the close of the working day?”

Arizent’s on the web study, conducted in July 2022, polled 771 respondents across the prosperity management, banking, accounting and insurance sectors. It involved workers from both equally modest and massive corporations, various age demographics as very well as from numerous positions, ranging from non-administration roles to executives.

In this article are 7 wealth management takeaways from the research’s results. The overall report can be located listed here.

October 25, 2022

Tesla Deserves An ‘A’ For Its Financial Management

In Tesla’s earning phone very last 7 days, Elon Musk said that the firm could pursue a $5 billion to $10 billion share buyback. He extra that “some meaningful buybacks were most likely.” Musk’s comments are probably pushed by the significant drop in Tesla’s stock selling price: firms typically use this tactic to raise their stock selling prices. Now that Tesla designs to sign up for the “payout club”—that is, those companies that pay dividends and repurchase their shares—it is time to assess the company’s economical management. And even with the substantial decrease in its inventory price tag this year, Tesla scores remarkably on this professor’s examination. Musk must be commended for currently being in the place to even assume about buybacks at this point. When it will come to its financials, Tesla is a straight A college student.

Tesla CEO Elon Musk speaks all through the unveiling of the new Tesla Product Y in Hawthorne, California on … [+] March 14, 2019. (Image by Frederic J. BROWN / AFP) (Photograph credit score should really go through FREDERIC J. BROWN/AFP by way of Getty Pictures)

AFP by way of Getty Illustrations or photos

It is tough to feel that Tesla is even entertaining a share repurchase. It feels as if it was only yesterday that Tesla was determined for income. In 2017, Tesla burned $1.4 billion in the last quarter of the 12 months. A witty Bloomberg headline explained it all: “Tesla Does not Melt away Gasoline, It Burns Income.”

But issues have modified. Tesla reached a nadir in 2017, with a internet reduction of $2.2 billion, which flipped to a net earnings of $721 million in 2020 and $5.5 billion in 2021. And even though the yearly numbers are not nevertheless obtainable for 2022, Tesla claimed a net cash flow of more than $5.5 billion in the first 6 months of 2022—surpassing its income in the overall yr of 2021. The development in Tesla’s web income was pushed by its skill to action up its operations, mostly by scaling up the manufacturing of Tesla’s finest vendor, the Product 3. Automotive product sales grew from $8.5 billion in 2017 to $19.4 billion in 2019 to $44.1 billion in 2021. And regardless of capital expenses of a lot more than $6. billion, Tesla had a cost-free money stream of in excess of $3.5 billion in 2021.

In 2018 investors had been concerned about Tesla’s important indebtedness, which at the time totaled all over $12. billion in fantastic debt. But Tesla was ready to change its dollars melt away into a dollars churn and then made use of the dollars to redeem its best-paying out credit card debt. For illustration, in 2021 Tesla redeemed $1.8 billion in combination principal of the 2025 Notes (7-yr bonds issued in August 2017 that paid out at 5.3 percent.) As a outcome, by the conclude of 2021, Tesla’s debt declined to $6.8 billion, whilst its cash holdings jumped to $17.6 billion! In reality, Tesla’s web debt—that is, its overall credit card debt minus cash—is unfavorable at -$10.7 billion, which suggests that Tesla can fork out its financial debt in whole and nonetheless have far more than 10 billion bucks still left on its stability sheet: a lot more than ample for a considerable share buyback.

Tesla designed some savvy economical choices early on. Starting up in 2013, Tesla has financed its enlargement and growth employing convertible credit card debt, or bonds that can afterwards be converted into popular stock if the inventory cost appreciates plenty of. It issued $600 million pounds of convertible bonds in 2013, $2 billion dollars’ worthy of in 2014, $850 million truly worth in 2017, and an additional $1.6 billion worth in 2019. At the time, Tesla was the poster little one of convertible bonds and was ready to get away with giving its traders a extremely reduced coupon. For example, its 5-yr convertible bond issued in February 2014 was equipped to appeal to traders with a coupon as minimal as .25 per cent! Buyers agreed to those ultra-very low coupon charges considering that they were captivated to the likelihood that they could transform the bonds into shares if Tesla’s inventory price appreciated ample. Regretably, holders of the convertible bond with a coupon of .25 p.c got unfortunate: they observed their bonds experienced when Tesla’s stock price tag fell way below the conversion price tag of $359.87. But every thing worked out perfectly for Tesla, which was capable to elevate money at only .25 percent with no need to have to dilute its fairness.

Tesla also made use of some unconventional techniques to increase its liquidity. By taking deposits from prospects who purchased largely Design 3s, Tesla was in a position to monetize the tolerance and goodwill of its clients. These deposits, which amounted to $925 million by the conclude of 2021, serve as desire-absolutely free loans, enabling Tesla to kill two birds with one stone: enhancing its liquidity when aiding to reinforce the commitments of Tesla’s faithful lovers. And in new yrs, Tesla has applied progressive funding this sort of as automotive asset-backed notes. All those are bonds secured by Tesla’s fleet of Product 3, Model S, and Design X autos under leases. Mainly because of the stability furnished by the leases and other credit history enhancements, Tesla was equipped to get absent by having to pay a extremely small yield of .56 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on its most senior secured note.

Tesla is facing escalating level of competition in the EV house, which will probably erode its margins, and the danger of a recession is looming about all automakers. But Tesla is in a robust economic situation, with a record of financial shrewdness and a demonstrated history. Apple made its to start with share buyback in March 2012, just about 32 yrs following its first community presenting (IPO) in December 1980. Tesla experienced its IPO in June of 2010 and programs to obtain again its shares only twelve several years afterwards. Tesla’s solid liquidity position and rather tiny credit card debt earned the corporation a credit score-rating improve to BBB by the S&P, but its ranking should be even larger. Tesla gets a quite good A for financial management—at minimum on my take a look at.

September 30, 2022

Accounting Firm Topel Forman Partners with Avantax for Wealth Management and Financial Planning

Accounting agency Topel Forman L.L.C. has affiliated with Avantax Planning Associates, Avantax’s worker-based RIA (registered expense advisor) to provide extensive tax-centered money organizing and prosperity management services to clients. Primarily based in Chicago, Topel Forman is a full-company, 120-person public accounting firm whose solutions consist of tax, audit and advisory.

Topel Forman chose to affiliate with Avantax mainly because of its confirmed keep track of history doing the job with accounting companies, the firms’ very similar cultures, and since Topel Forman seen partnering with Avantax as the most optimum and successful way of introducing money preparing and prosperity management services to their customers.

“Wealth management genuinely is the following reasonable move in enhancing our consumer interactions and offering worth to customers for a business like ours, and although we regarded generating it on our own, we’ve viewed the issue other firms experienced making an attempt to do it, so we considered, what better way than having a partner with a system that’s been proven successful in our marketplace,” reported Topel Forman Associate Robert Naselli. “During our because of diligence I spoke with lots of men and women, which includes accounting companies by now doing work with Avantax Setting up Partners. To us, with Avantax’s sturdy back office, the tried using-and-correct units in position, and all the back-office environment assistance they have, it just built perception for us.”

Avantax Setting up Partners was born from a CPA business, functioning practically solely with accounting companies nationwide. The organization gives a turnkey monetary planning and wealth management model, honed for the duration of the earlier 30 years, to accounting firms nationwide.

“Topel Forman is a terrific in shape with Avantax Scheduling Partners for the reason that, like us, they want to continue providing terrific benefit to their purchasers, often preserving customers at the forefront, now in an advisory design,” claimed Louie Rosalez, President of Avantax Planning Companions. “As with all our affiliate marketers, a devoted and expert Avantax arranging group backed by our significant back-business office abilities will guidance Topel Forman as they assist purchasers make the most crucial decisions of their monetary lives.”

Irrespective of acquiring upwards of 120 workers and partners, Naselli stated the independent agency has saved its relatives truly feel though increasing. Topel Forman supplies large-degree talent and skills shoppers be expecting from a bigger business while sustaining a boutique firm’s accessibility and collaboration exactly where companions do the job with customers each individual day.

“Topel Forman and Avantax align so very nicely when it comes to tradition, business enterprise tactic, and how we serve our clients and business partners,” said Todd Mackay, President of Prosperity Management at Avantax. “Avantax offers a considerable benefit to accounting firms seeking to supply financial planning and prosperity management services because we recognize how accounting firms do the job and how they serve purchasers, and we have the resources, expertise and a long time of practical experience to associate with them seamlessly, and that places Avantax in a course by alone.”

Naselli echoed Mackay’s viewpoint, indicating: “We needed to insert economical setting up and wealth administration due to the fact we want to continue to keep creating on the trustworthy associations we have with our shoppers. We see far more benefit in introducing holistic scheduling so we can go on to be our clients’ most trustworthy advisor – for Topel Forman, this is a organic progression in the shopper connection.”