Realization of Major Synergies Will Help Offset Potential Reset of Revenue at TD Ameritrade
The most important event in TD Ameritrade’s March quarter was the substantial completion of the Scottrade client conversion, which will kick off the realization of $450 million in expense synergies. That said, revenue may take a step back next quarter, and there were a couple of blemishes in the quarter’s earnings. Our long-term outlook for narrow-moat TD Ameritrade is unchanged, and we don’t anticipate making a material change to our $60 fair value estimate.Some potentially transient factors ...
TD Ameritrade Holding is a holding company. Through its subsidiaries, the company is a provider of securities brokerage services and related technology-based financial services to retail clients and independent registered investment advisors. The products and services available to the company's clients include: common and preferred stock, Exchange-Traded Funds, options, futures, foreign exchange, mutual funds, fixed income, new and secondary issue securities, margin lending, cash management services, and annuities. The company provides the client service and support through the following means: websites, branches, email, telephone, TTY services for the hearing impaired, and mobile app.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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