Looking to play the role of financial advisor matchmaker, TD Ameritrade Institutional today launched "RIAConnect," a new proprietary service to help advisors do business with or join established RIA firms.

TD Ameritrade says its new offering can be a catalyst for advisors wanting to join an existing RIA firm. It can also help them achieve scale through strategic relationships, or even help them secure a succession plan.

"As breakaway brokers continue to seek the benefits of the independent RIA model and a large number of RIAs near retirement, we're seeing unprecedented opportunities to create mutually beneficial relationships between advisors," said Ben Welch, the director of advisor business development at TD.

The program is provided as a service to financial advisors using the brokerage, execution and custody services of TD Ameritrade Institutional.

Advisors using RIAConnect are introduced to RIA firms that have been vetted using a proprietary selection process. Each firm must meet prescribed standards, including a competitive compensation model, proven advisor transition capabilities, an excellent technology platform and operations support and strong compliance systems.

The service can help advisory firms merge or integrate with a larger RIA firm to bring together complementary business capabilities and gain efficiencies. TD also wants to help advisors interested in selling their business to a third party if they plan to either retire or cash in. Breakaway brokers looking to achieve independence can also use the service if they want to join an established RIA with existing infrastructure and support. And the service also helps advisors who want to work within an RIA model but still require an existing broker-dealer relationship to handle their commission business.