TD Ameritrade just made a move to become a one-stop shop for wealthy investors - and it highlights a hot trend on Wall Street

AP Photo/Mark Lennihan

In this April 16, 2009 photo, a worker polishes the metal window frame of a TD Ameritrade office in New York. Online brokerage TD Ameritrade Holding Corp. said Tuesday, April 21, its second-quarter profit dropped 29 percent because of lower asset-based revenue, but the results were in line with Wall Street expectations. It is also affirming its guidance for full-year earnings.

• TD Ameritrade has launched a new offering for high-net worth clients that includes an aggregated wealth dashboard.
• The new product is the latest in a race between banks, brokerages, and fintech sites to become the ultimate money management platform.

For years, TDAmeritrade has been focused on one thing: selling stocks and bonds to retail investors.

But as financial firms large and small race to build the ultimate money management platform, the retail brokerage is responding, launching a dashboard to help clients see their entire financial life in one place. Not only can clients view their TD Ameritrade investments, but also outside savings and checking accounts, retirement plans, and more.

"We're using aggregation tools to try and get the client to say 'Look, I've got $750,000 of assets. Some of it's in my TD Ameritrade, some of it is in my 401(k), and some of it is in an old IRA.' It's really about looking at their total wealth," Peter deSilva, TD Ameritrade's head of head of retail services, told Business Insider in an interview.

The new dashboard, part of a new "Personalized Portfolios" offering, looks a lot like other aggregation products launched by a slew of financial firms in recent years, and follows in the footsteps of Wall Street's biggest banks.

Capital One, the largest credit card issuer in the US, snapped up Level Money, a money management app, in 2015. Goldman Sachs recently bought money-management app Clarity Money to fold into its new consumer venture known as Marcus. Both Morgan Stanley and JPMorgan have launched robo-advisory services.

And new players like Betterment offer the ability to link outside accounts. Other competitors include Mint, which is owned by TurboTax's parent company Intuit, and Personal Capital, a VC-funded startup that offers a similar dashboard service in the hopes that customers will opt-in to paid services.

Here's what TD's dashboard looks like:

TDAmeritrade

For now, TD Ameritrade's version is only open to customers investing in the new Personalized Portfolio product, which has a minimum deposit of $250,000. However, deSilva says the option of a free model or one with a lower minimum investment isn't off the table if the product is a success.

The brokerage is also seeking to court more millennial clients, something the new digital offering may be able to help with if it's successful. Speaking with Business Insider in January, TDAmeritrade CEO Tim Hockey said new accounts opened by the under-35 demographic rose 72% year-over-year as young investors flocked to cryptocurrency and cannabis stocks.

Still, only one of five investors that met the $250,000 minimum for the new product were millennials, TD's planning survey found.

"One of the great things that we've been able to do here is really integrate both the human dimension and the technology dimensions," deSilva said. "We're trying to fill that void for folks who have a little bit more wealth but who still want to stay in control and are not ready to fully dedicate to an advisor."