TD Ameritrade 3Q13 Earnings Call Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

“Average client trades per day were 382,000, an activity rate of 6.4%. Net new client assets of $10 billion, an 8% annualized growth rate. Record total client assets of $556 billion were up 18% year-over-year. The record interest sensitive assets of $96 billion were up 16% year-over-year”

“we returned 107% of our earnings to our shareholders via cash dividends and debt repayments.”

“Yes. I think more recently, the wire houses have made some moves, which have made it a little bit more difficult in the breakaway brokers. But what we always find is, in the market, it could be an independent broker/dealer is 1 year on their wire house. The next year, it could be 1 wire house to 1 independent broker/dealer. There always seems to be someone who’s making some changes that upset their advisors. And that always means there’s opportunity and people looking. And I do think in this market, with the — where the markets are at and how well the markets have gotten, this is a good market if you want to move to the independent channel and move to a fee-based model off of the commission-based model. This has actually been a pretty good environment to do that. We’ve seen that in spades in our results.”

“we don’t normally — don’t comment too much on M&A. But I think it’s suffice it to say, we’ve always kept an eye open for entering the mix in strategic and financial sense. And I think, as evidenced by our returning capital as aggressively as we can, we really don’t see anything on the near-term horizon that would make financial sense.”

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