Dave Kelly, TD Wealth’s head of private wealth management and financial planning, is stepping down after 14 years at the bank, effective on Monday, “to pursue his entrepreneurial ambitions,” according to an internal memo obtained by The Globe and Mail. Mr. Kelly will stay on as a special adviser to Leo Salom, TD’s head of wealth and insurance, through the end of September.
Long-time bank executive Paul Clark, currently the head of direct investing, will take over TD’s wealth advice business. Mr. Clark has spent 32 years at TD in executive roles in commercial banking, small business banking and TD Securities.
Recently, Mr. Clark was instrumental in the bank’s overhaul of its retail discount brokerage after a 2018 spike in cannabis trading caused outages at the online broker. Mr. Clark expanded the trading platform’s capacity, which helped prepare the bank for the surge of retail investors who opened accounts throughout the COVID-19 pandemic.
The leadership changes also spill into TD’s insurance arm, with Raymond Chun, head of TD Insurance, taking over as the head of direct investing. James Russell, currently a senior vice-president in the insurance division, will take over as the division’s new head.
Mr. Kelly joined TD in 2007 and rose through the management ranks. Five years ago, he oversaw a major streamlining of TD’s wealth management business that was designed to provide affluent investors with more than simple investment advice. The goal of TD’s streamlining was to have a single relationship manager co-ordinate an investor’s needs, helping connect the client with the specialists in fields including investment management, private banking, insurance, and estate and trust services.
As part of the changes, TD rebranded its retail brokerage for affluent clients and named it TD Wealth Private Wealth Management. Historically, the arm was known as TD Waterhouse Canada Inc.
Mr. Kelly was later given responsibility for financial planning, which caters to middle-market clients, in 2019.
TD declined to comment beyond its internal memo.
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