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'It's a very difficult time for investing': TD Ameritrade's outgoing CEO

With equity levels continuing their climb higher, outgoing TD Ameritrade CEO Fred Tomczyk described the investing climate as "very difficult."

"Now we're in a very different point in the market," Tomczyk told CNBC's "Closing Bell" on Tuesday. "The equity market's at historical levels. The bond market's at historical levels, so it's a very difficult time for investing. I think the main thing is to keep investors focused on the long term."

Last fall, Tomczyk announced plans to leave the company at the end of the 2016 fiscal year, which will conclude on Sept. 30.

Tomczyk said it was the right time to leave, having taken over in 2008 and overseen the company's recovery from the financial crisis.

Also appearing on CNBC, his successor and TD Ameritrade's President Tim Hockey said that for his company's long-term investors, there's been a shift from traditional mutual funds to ETFs.

Hockey also said that cash levels are declining in terms of a percentage of their holdings within the company.