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TD launches Specialized Wealth Management Service for Health Care Professionals
New portfolio of services expands on the bank's existing Business Banking expertise in serving the needs of Health Care Practitioners
TORONTO, Dec. 3, 2018 /CNW/ - TD Bank Group ('TD') today announced the launch of the TD Wealth Management for Health Care Practitioners service – a wealth management program supported by a team of dedicated senior private bankers, specialized investment managers, financial planners and commercial lending specialists with a deep understanding of the unique financial needs and challenges faced by those dedicated to caring for others.
"We understand medical and health care professionals have unique financial needs, and it can benefit those professionals and their families to work with a specialized team of banking, investment, commercial banking and wealth advisory services to help achieve their financial and life goals," says Dave Kelly, TD Senior Vice President for Private Wealth Management.
Through TD Wealth Private Banking, TD Wealth Management for Health Care Practitioners provides a team of wealth advisory services dedicated to building personalized goals-based plans for what matters most to the health care practitioner and their families. The team is built around specialists who provide tailored advice and planning for a range of services, including: banking, borrowing, giving, incorporation, insurance, retirement, tax, trust and estate, and wealth building and protection needs.
"Our team of experienced advisors can offer a range of wealth management products and services for physicians just starting out, juggling medical school loans while setting up a practice, to retiring doctors looking to sell or close their business," says Rowena Chan, TD Senior Vice President for Financial Planning.
The TD Wealth Management for Health Care Practitioners service will now pair its private banking services with TD's established Business Bank and Medical Student program for a distinct and compelling offer for health care professionals that have been actively using separate services from TD for investment and business advice.
Doctors, Dentists and other health care professionals that are interested to learn more about the TD Wealth Management for Health Care Practitioners service can visit www.TD.com/healthcare.
New Graduate, Operating a Growing Practice, or Approaching Retirement
Doctors begin their careers and start generating income later due to the time and energy it takes to complete undergraduate and medical degree(s), specialized clinical training and residency before full-time employment begins.
"I was delighted with the service and attention I received with TD Private Banking. The services and information were delivered in a succinct yet thorough package. My advisor took the time and attention to listen to my concerns, addressing them immediately and ensuring that there was follow-up after. Working in a busy profession where I often have to delegate, I feel confident working with TD Private Banking as I know they are there to make sure my financial and banking interests are met," says Dr. Bonnie Shum, fifth year resident, general surgery program, McMaster University.
Medical professionals receive above average compensation but often have high student debt and significant small business loans as they launch and operate a growing private practice. For many, spending most of their day and time between clinics, hospitals and offices to care for their patients is commonplace. In fact, according to the Canadian Medical Association, the average doctor spends 33 hours per week on direct patient carei, leaving little time for other activities.
"In addition to serving their patients, health care practitioners also need to balance the demands of personal and family life, often along with pressures of running a business," added Kelly. "This three-dimensional role that health care practitioners can find themselves in brings a tremendous amount of pressure and stress. TD Wealth Management for Health Care Practitioners is a group of services built to help doctors thrive in all aspects of life, no matter what career stage they are at."
The TD Wealth Management for Health Care Practitioners service has launched in the following markets: Vancouver, British Columbia; Calgary, Alberta; Burlington, Hamilton, London, Mississauga, Oakville, Ottawa and Toronto, Ontario. Several more regional centres are planned to launch over the next several months including Victoria, British Columbia; Edmonton, Alberta; Saskatoon, Saskatchewan; Winnipeg, Manitoba; Montreal, Québec; and Halifax, Nova Scotia.
Investments in Health Care at TD
TD has a long and rich history of giving back to customers, colleagues and communities. In fact, Better Health is a foundational pillar of TD's Ready Commitment, an initiative where TD is targeting C$1 billion by 2030 towards community giving. Since 1998, TD has invested over $83.5 million (CAD) dollars in hospitals, health care programs, and children's health and has made the following commitments to continue its focus on improved health for all Canadians:
- Last month, TD announced a $2.5 million contribution over five years to University of Toronto's Creative Destruction Lab (CDL), to bring aspiring entrepreneurs and technological innovations to market with focus on biotechnology, bioinformatics, diagnostics and digital care for Canadians.
- Data Scientists from Layer 6, TD's global Artificial Intelligence (AI) thought leader and pioneer in the delivery of responsive, personalized and insight-driven experiences, is currently supporting academic work at University of Toronto by developing advanced machine learning models to improve the health outcomes of people living with diabetes in Canada. The first research goal is to further sub-type patients identified with this highly prevalent chronic disease. The research will demonstrate opportunities for machine learning to enable more personalized and effective treatment, while providing more efficient use of health resources.
- Together with the Michael Garron Hospital, TD has helped fund research focusing on techniques to improve diabetes management and increase access to care for individuals living with Hepatitis C.
- TD helped Health Sciences North with a $250,000 contribution towards expanding their Learner's Simulation Laboratory. The lab replicates an emergency room, an intensive care unit and other medical settings to enhance staff training exercises.
- TD announced a $500,000 gift to the TD Women's and Children's Health Centre, supporting the development of a new pediatric oncology unit, as well as TD grants in Medical Excellence with designated funding to support nursing education.
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
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 branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on October 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
i 2017 CMA Physician Workforce Survey, Canadian Medical Association: https://www.cma.ca/Assets/assets-library/document/en/advocacy/34-TrendData-e.pdf
SOURCE TD Bank Group
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