Agreement will further the advancement of the study of Behavioural Finance in Canada
TORONTO, Oct. 11, 2018 /CNW/ - TD Bank Group (TD) and University of Toronto's Behavioural Economics in Action at Rotman (BEAR) centre today announced an agreement to bring additional behavioural finance resources and applications to TD Wealth clients. By harnessing BEAR's research, TD will be able to further examine and research the underlying emotions and behaviours that drive financial decision making.
Identified as the next paradigm shift in financial advice, behavioural finance is an area of study that looks at how behavioural factors influence financial decisions. More specifically, it explores why people sometimes make seemingly biased, unpredictable or irrational financial choices.
"We are thrilled with the support from TD Wealth as we conduct leading-edge research in behavioural economics," says Dilip Soman, Director of BEAR, Corus Chair in Communication Strategy and Professor of Marketing, Rotman School, University of Toronto. "This partnership with TD Wealth will allow us to further examine this important field of study and develop research on tangible applications. Eventually, we would like a better understanding of the underlying motivations and behaviours that drive financial decision making, and how we can ensure that these behaviours do not negatively impact our financial investing habits."
In addition to becoming a founding member of BEAR, TD Wealth and Rotman have been working over the past three years to further the implementation of behavioural finance tools into wealth management. In 2017, TD Wealth launched the Discovery Tool, a proprietary technology that uncovers an investor's Wealth Personality, enabling advisors to identify and assess clients' financial blind spots, and provide a more meaningful and personalized financial plan.
"Being one of the founding members of BEAR will further contribute to TD's commitment to advancing the study and real-life applications of behavioural finance," says Dave Kelly, TD's Senior Vice President for Private Wealth Management. "The work we have done in behavioural finance to date has been instrumental in enhancing the advice and services our advisors provide to our clients. Research by BEAR will enable us to better understand the underlying factors that help drive financial decision making so we can connect with our clients on a deeper, more meaningful level."
This month, TD Wealth will release its first annual report on Behavioural Finance, which examines and analyzes the underlying motivations that drive financial decision making. TD Wealth surveyed Canadians to gather insights for its first annual Canadian Report on Behavioral Finance.
For more information on behavioural finance or the TD Wealth Discovery Tool, please visit td.com/behaviouralfinance
The Rotman School of Management is part of the University of Toronto, a global centre of research and teaching excellence at the heart of Canada's commercial capital. Rotman is a catalyst for transformative learning, insights and public engagement, bringing together diverse views and initiatives around a defining purpose: to create value for business and society. For more information, visit www.rotman.utoronto.ca
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on July 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: Laura Butcher, TD Bank Group, 416-816-5759, [email protected]