No commissions, no ads, no advice. This TD Wealth profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is TD Wealth a fiduciary?

It depends on your account: TD Wealth is a fiduciary in its advisory programs, and follows the Regulation Best Interest standard as a broker. Publicly, it files with the SEC as TD Private Client Wealth (CRD #164484). According to its latest Form ADV (filed August 13, 2026), the firm reported $8.6 billion in regulatory assets under management and roughly 25,700 clients across the client types it lists in Item 5.D. Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management. Everything that matters here is on the public record, and you can check it in a few minutes.

TD Wealth is a dual registrant, so the standard of care changes with the type of account you hold. In its advisory programs it acts as an investment adviser with a fiduciary duty. In brokerage accounts it acts as a broker-dealer under Regulation Best Interest (a best-interest obligation at the time of a recommendation, not a continuous fiduciary relationship). Our view: if you hold both kinds of account at TD Wealth, ask your advisor to state in writing which standard covers each one, because the two can sit side by side in a single relationship. Get started with Truthifi

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

TD Wealth at a glance

✅ Verified from public filings, last checked October 5, 2026. TD Wealth (SEC CRD #164484) is a fiduciary in its advisory programs, on a fee-based basis, with $8.6 billion in regulatory assets under management. Every figure below links to its primary source.

What	TD Wealth	Source
SEC CRD	#164484	IAPD
Registration	Investment adviser and broker-dealer (dual registrant)	IAPD
Registered since	April 11, 2013 (SEC)	IAPD
Fiduciary?	Yes in advisory programs, Reg BI in brokerage	SEC Reg BI
Fee model	Fee-based (commissions + advisory)	Form ADV Item 5.E
How it's paid	A percentage of assets under management	Form ADV Item 5.E
Regulatory Assets Under Management	$8.6 billion (Form ADV filed August 13, 2026)	IAPD
Clients	At least 25,687, roughly 25,700 (Item 5.D)	IAPD
Client accounts	25,698, all discretionary (Item 5.F; an account count, separate from clients)	IAPD
Employees	671 (482 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Records carry disclosure items (common at this size). Review them directly	IAPD
HQ	New York, NY	IAPD

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TD Wealth fees: what you'll pay

What you pay TD Wealth comes down to which side of the firm holds your money. TD Wealth fees depend on the account type: commissions in a brokerage account, an asset-based fee in an advisory program. In a brokerage account you generally pay commissions and product costs (mutual fund sales loads, markups, annuity commissions). In an advisory program you pay an asset-based advisory fee instead of per-trade commissions, plus the underlying fund expenses. According to its Form ADV (Item 5.E), the advisory side is paid as a percentage of assets under management.

One TD-specific point: the firm reports that its 25,698 advisory accounts are all managed on a discretionary basis. An asset-based fee here pays for a manager who can trade without asking you first, so it's fair to ask how often your account is reviewed and what triggers a trade.

Fee-based means cost can come from both an advisory fee and commissions, depending on the account. To compare this against other pricing models, see Fee-only financial advisor: costs and how to find one and Are you paying too much? Why that might be the wrong question.

Who owns TD Wealth, and what conflicts does it disclose?

TD Wealth is owned by TD Bank, National Association, according to Schedule A of its Form ADV (2026). (Form ADV Schedule A)

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid. With a bank as the parent, it's worth reading that conflicts section next to the custody disclosure further down, since both describe how the adviser relates to its wider corporate family.

TD Wealth SEC record: disclosures

TD Wealth's regulatory records may carry disclosure items, and for a firm with 671 employees the count alone says little about wrongdoing or the firm's quality. Totals scale with how many people are registered under a firm, so a large adviser will show more items than a small one. Compare items by type and date rather than by tally, and read the ones that matter to you at the source, in the regulator's words rather than anyone's summary.

According to IAPD, the firm has been registered with the SEC since April 11, 2013, makes notice filings in 51 jurisdictions, and reports 671 employees, 482 of them (about 72%) in investment advisory roles. If you searched "is TD Wealth legit?", its registration is public and checkable: it has a CRD number and filings anyone can pull. Registration shows it's a real, regulated adviser, not that it's the right fit for you.

Reading TD Wealth reviews against the public record

Star ratings and client comments describe what working with a firm felt like. Reviews posted under the TD name may also mix experiences from different TD businesses, while this filing covers only TD Private Client Wealth LLC. Before you weigh TD Wealth reviews, check three things against the record. First, which account a reviewer held, since advisory and brokerage accounts are paid differently and carry different standards. Second, the bank ownership and the conflicts Part 2A discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it.

How to verify TD Wealth yourself

Here's how to confirm all of it in three steps:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/164484.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match TD Wealth (CRD #164484, legal name TD PRIVATE CLIENT WEALTH LLC) so you're reading the right firm.

To compare TD Wealth with other firms checked the same way, browse the Truthifi /advisors hub.

What TD Wealth does and who it serves

The service boxes TD Wealth ticks on its Form ADV run from financial planning and portfolio management to pension consulting and choosing outside advisers. The client table below says more about how the firm operates than that checklist does.

It reports providing financial planning to about 2,500 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.

Its Form ADV (Item 5.D) breaks its clients down by type. Two rows report "fewer than 5," so the exact total isn't shown; counting those rows at their minimum gives at least 25,687 clients, which this profile rounds to roughly 25,700:

Client type	Clients	Assets managed
Individuals	23,833	$3.08 billion
High-net-worth individuals	1,518	$3.77 billion
Banking or thrift institutions	1	$20 million
Pension and profit-sharing plans	32	$200.4 million
Charities	110	$443.1 million
State or municipal government entities	Fewer than 5	$2.2 million
Other investment advisers	Fewer than 5	$318.6 million
Insurance companies	7	$177 million
Corporations or other businesses	184	$561.8 million

By our arithmetic on that table, the 1,518 high-net-worth clients (about 6% of the total) account for $3.77 billion, roughly 44% of assets, while 23,833 individuals hold $3.08 billion. That works out to an average near $2.5 million per high-net-worth client against about $130,000 per individual client. If you're in the larger group, ask whether your service model differs from the one the firm's wealthiest clients get.

Separately, it reports 25,698 client accounts (Item 5.F). Accounts and clients are different counts, since one client can hold more than one account, so the two figures aren't expected to match. All are managed on a discretionary basis, meaning the firm can trade without seeking your approval first. Its main office is in New York, NY.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

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Great advice runs on the truth. Here's how to bring yours to the table.

TD Wealth's discretionary authority covers the accounts it manages, and its statements show those accounts. A 401(k) held elsewhere, a spouse's accounts, or fund costs that don't appear line by line on a statement sit outside that view unless you bring them in. This is where Truthifi comes in.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at TD Wealth.

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Fee questions are answered on the Monitoring or Monitoring Plus+ plans rather than on Truthifi Connect; what each tier includes and costs is listed on the pricing page. See how Truthifi keeps your accounts secure

Ask AI about your TD Wealth accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my TD Wealth accounts and everything else, and how is it allocated?"
• "What am I paying in fees across all of these accounts, once everything is added up?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Link up to 10 connections, per Truthifi platform data. Plans and limits are on the pricing page → truthifi.com.

The line in TD Wealth's filing worth remembering may be the one about discretion. A manager who can trade without asking you first works from the picture you hand over, which makes your held-away accounts part of the advice rather than an afterthought to it.

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FAQ

Is TD Wealth a fiduciary? It depends on your account. In its advisory programs it acts as a fiduciary. In brokerage accounts it follows the SEC's Regulation Best Interest standard. Ask which type of account you have.

What are TD Wealth's fees? They depend on the account. Brokerage accounts generally pay commissions and product charges. Advisory programs charge an asset-based fee instead of per-trade commissions, plus underlying fund costs. See the Form CRS.

Who owns TD Wealth? TD Wealth is owned by TD Bank, National Association, as listed in Schedule A of its Form ADV.

Does TD Wealth have complaints or disclosures? Its regulatory records may carry disclosure items, as is common at its size. A disclosure is not proof of wrongdoing. Read any directly on BrokerCheck and the firm's Form ADV.

Is TD Wealth legit? TD Wealth is registered with the SEC (CRD #164484) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, TD Wealth's SEC and FINRA filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with TD Wealth. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.