TD Ameritrade has bought the assets of Gail Weiss & Associates, including its trust company subsidiary, International Clearing Trust Company (ICTC), the companies announced today.
The deal, which closed in late December, is expected to make it easier for advisors to consolidate and custody 401(k) and othe retirement assets at TD Ameritrade, company officials said.
Gail Weiss & Associates, based in Baltimore, was founded in 1998 as a consulting and software solutions company serving the financial services industry. Among its services is an electronic interface that allows mutual fund trading via the National Securities Clearing Corporation (NSCC), according to the company's Web site.
Financial terms of the deal were not disclosed.
Among the benefits the deal will bring to TD Ameritrade Institutional clients are an integrated trust accounting and trading system, real-time Web access to trust accounts and thousands of NSCC tradable mutual funds and access to leading third-party administrators, according to TD Ameritrade.
The addition of ICTC is also expected to lead to simpler pricing and 100% pass-through of plan expense reimbursements, the company said.
"This is a tremendous opportunity for advisors to tap into the $3.7 trillion defined contribution marketplace," said Tom Bradley, president of TD Ameritrade Institutional. "Small business owners need RIAs to manage their retirement plans. Now advisors have the tools to effectively market these services."