OMAHA, Neb. (AP) — TD Ameritrade's CEO says the economy has improved considerably and investors are more confident, but conditions could still deteriorate.
Fred Tomczyk told shareholders Wednesday that TD Ameritrade is in good shape to handle whatever the economy does, and the company's profits should continue to improve along with the stock market and interest rates.
The Omaha, Neb.-based company is thriving because it has been able to remain the leader in handling online trades while attracting $556 billion in client assets as of the end of its fiscal year on Sept. 30. TD Ameritrade is also generating some revenue from education and advice fees.
"In almost any type of environment, we can survive and do decent," Tomczyk said. "But when things take off — particularly the interest rates — we'll do very, very well."
Tomczyk said the company will remain focused on its long-term goals and won't try to boost short-term results artificially as interest rates rise.
At the end of the company's 2013 fiscal year, he said TD Ameritrade was handling 374,000 trades per day, and 39 percent of those were derivatives. It also held $556 billion in client assets.
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