Key questions and answers from the second quarter earnings call conducted by TD Ameritrade Holdings Corp. (AMTD: chart) on April 17, 2008.

Howard Chen (Credit Suisse): Is there any specific product or channel you are seeing outside the growth that you want share?

Joe Moglia: We are not going to be breaking out the breakdown in net new assets by either client segment or by product group but suffice to say that what happens here at TD AMERITRADE, when we go with a particular product or we go with a particular pilot or effort, if it does not work we eliminate it and we become more aggressive with some of the other things.

Howard Chen (Credit Suisse): Are you seeing any accelerated growth in the overall number of RIAs and advisors leaving the traditional broker houses?

Joe Moglia: We continue to see the type of growth that we have been seeing. As we go forward, that the Waterhouses will continue to see individual consultants that recognize, they are going to be better off on their own.

Howard Chen (Credit Suisse): Are you starting to see a higher the net worth of better customer coming?

Joe Moglia: Not necessarily. The customers that have been coming have been good solid accounts. Part of the reason why there has been a jump in the qualified accounts is because Fiserv has helped that.

If you were to extract out the Fiserv accounts, you would wind up seeing the qualified accounts is still flat-to-down a little bit from where they have been. So, as much progress we are making in every other area, specifically when it comes to qualified accounts, we are still not seeing much there.

Howard Chen (Credit Suisse): Can you elaborate a bit on what the company can do, and what you can do to protect net interest margin?

Bill Gerber: Because we control the credit side you always look at that, but we also control the margin rate side and there is risk in margin lending, and we just have to evaluate if the rate comes down, if it comes down even further, whether or not we are going to have our rack rate come down as well.

Richard Repetto (Sandler O'Neill & Partners): In the guidance, why did we not take down expenses by that $13 million or penny or so in the back two quarters?

Bill Gerber: Because we think that during the next six months, we have an opportunity to get some things done that we need to get done before the end of the fiscal year, and so we are willing to mark that money for that purpose. We have essentially substituted the interest savings with building up our own product.

Prashant Bhatia (Citi): On the referrals, what are clients really looking for there, and what are some of the outcomes after those referrals take place?

Joe Moglia: The simplest one that happens most of the time deals with retirement. And then we have the things like Amerivest to be able to help you or TDAX's Independent life cycle funds that potentially can help you with that.

Prashant Bhatia (Citi): Could you just update us on how many salespeople you have at this point in the branches and where you think that might end the year at?

Joe Moglia: We have approximately 750 and, the sales force would always be an area we would look to expand.

Prashant Bhatia (Citi): Do you think at any point you would think strategically to acquire a regional broker or to go down more that full service path or is that still strategically really not on the table?

Joe Moglia: Strategically it is supposed to be something we always ask ourselves about. As of right now at least, we say that is not the best step at this particular point of time in our development.

Mike Carrier (UBS): On the MMVA side, is either TD or the client either going to be receding less money just given the rates on the short-term end?

Bill Gerber: The rate on the MMVA and the current rate has declined, and so that has been done and it's fixed where it is now in the forecast. We are not forecasting any further rate cuts there.