TD Bank Financial Group CEO Ed Clark shared details of TD’s plans to focus on its core retail banking network and discount brokerage operations at the bank’s annual meeting today in Edmonton.

The bank will add sales and research staff at its U.S.-based TD Waterhouse discount brokerage as well as new products, including an active trader program in the fall.

“We’ll add to the sales force as fast as we can,” Clark told reporters following the meeting.

The brokerage’s marketing budget will be increased by $20 million. As well, new branches will opened and less profitable outlets closed.

Clark said the bank planned to increase its wealth management business through growth, but wouldn’t rule out an acquisition if the right opportunity came along.

“In the wealth management side, that’s obviously an area where we would like to have further strength and if found something that was interesting we would do that, but we’re not sitting on anything right now that’s ready to pop.”

Speaking of the potential purchase of a mutual fund company, Clark said, “If we were to look at a mutual fund company, it would be to reinforce our ability to sell outside our funds and probably to add a brand that’s slightly different than ours in terms of asset management.”

In his speech to shareholders, Clark noted that in 2001, the bank’s business was about evenly split between wholesale and retail. By the end of fiscal 2003, retail was contributing about three-quarters of the TD’s earnings.

Discount brokerages fit well with the TD’s new emphasis on retail, customer-focused banking, Clark said.

“The people that are going to the discount broker space tend to be those who are leaving full-service retail brokerages because they don’t have enough assets,” he said.