TD Ameritrade-Schwab Merger

by | Jun 30, 2023 | Videos

Update on the TD Ameritrade-Schwab Merger

Here is an update on the TD Ameritrade-Schwab Merger.  The acquisition of TD Ameritrade by Schwab, announced in 2019, is to be completed on September 5, 2023.  Accounts will migrate from TD Ameritrade TO Schwab over Labor Day weekend (September 2-3-4 of 2023).  It is anticipated the transfers to Schwab will be complete by Tuesday September 5, 2023.

In this episode (episode #342), Tom walks through a letter (or email) clients of TD Ameritrade will be receiving in late June / early July 2023.  The single best thing to do, in terms of next-steps, is to log in to the TD Ameritrade website, at www.AdvisorClient.com.

PLEASE – do this – log in (or create a log in if you have never done this!) 
Log in – even if you have not logged in in many years.
Click “forgot password” if you have trouble accessing the site.

By taking this step, you will see your accounts (maybe for the first time if you’ve not done this before!) and also see the link to the “Transition Guide” to Schwab.  Following that link will give you a preview of what the new site at Schwab will look like and what to expect as the transition from TD Ameritrade TO Schwab is completed in a few short weeks.

(throughout the video, Tom refers to a “letter” but you may have received the message via email – if you are signed up for electronic delivery)

The video is just four minutes long, so there are no time stamps for the TD Ameritrade-Schwab Merger video.
We simply ENCOURAGE you to watch this one!

Watch the video by clicking above, or watch it by clicking over to our Mullooly Asset YouTube channel 
(don’t forget to “like” and “subscribe”!!)

You can also view all our Mullooly Asset videos right here on our website.    

Transcript for TD Ameritrade-Schwab Merger (episode #342)

(throughout the video, Tom refers to a “letter” but you may have received the message via email – if you are signed up for electronic delivery)

TD Ameritrade is merging with Charles Schwab and we’re going to go through some details in this video.

Welcome to the Mullooly Asset Show. I’m your host, Tom Mullooly.
This is a different video that we’re doing.

TD Ameritrade, which has been our primary custodian for many years, is merging with Charles Schwab.
They actually announced this merger in 2019 and they’ve taken three-plus years to finally bring both sides together.

As part of the process, if you are a client of TD Ameritrade, you are going to be getting this letter. Probably in the first week or so, of July 2023.

This letter explains the timeline for the merge with Charles Schwab.

This is what’s called in our industry a “negative consent letter,” which basically means – for most people – they get the letter and there is nothing for them to do.

They really just need to notify you of what’s going on.
A couple of things that I DO want to highlight.

There’s no action required on your part.

Just know that the merge will officially be over the day after Labor Day 2023. That is, Tuesday, September 5th.
You’re going to be able to access and withdraw cash from your account up through Friday, September 1st 2023.

Basically, that weekend, nothing can happen — because all the accounts are picking up FROM TD Ameritrade and they’re moving TO Schwab over the holiday weekend, Labor Day 2023.

If you log on to www.advisorclient.com during that weekend, there won’t be anything there! You’re not going to see anything!
And that’s important to know.

You may wind up getting a statement from TD Ameritrade, a final statement, that may show a balance of “zero.”
Don’t flip out!
This is pretty customary! This happens with mergers.

I think TD and Schwab have done a very good job of keeping advisors – and clients – up to speed on what’s been happening with the merge.
I would recommend, if you have not checked your account online, LOG IN.

Go to www.advisorclient.com.

We’ll put that link in the video, so you can see it. You should log in and see.
Because if you log in NOW to www.advisorclient.com, you’ll see the timeline of the merge with Schwab.

You’ll also have a link to your new account access at Schwab, which will be coming in the next few weeks.
Log on to www.advisorclient.com, now.

But — suppose you don’t want to merge with Charles Schwab?
Maybe you don’t want your account to go to Charles Schwab. You can opt out; you have the right to do that.

However, you would need to do this in August. In the month of August, you would need to transfer to another broker — on or before August 25th.

If that’s the case, call us. We’d be happy to talk to you about it.
Unfortunately, that’ll probably be the end of us working together, but you do have that right.

This merger is happening finally. We’ve only been hearing about it for three years!
But we’re happy and looking forward to working with Schwab. We think you’re going to have a positive experience with it as well.

If you’ve got questions, definitely reach out to us. Thanks again for watching.
And again, look for that letter in the mail – in early July.

 

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