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Leaving TD Ameritrade for Schwab

It hasn’t exactly been mainstream news, but TD Ameritrade and Charles Schwab agreed to merge in late 2020. In that time, it has had no impact whatsoever on clients’ accounts. The companies recently held a joint conference to discuss what firms and clients can anticipate as the transition date approaches.

Executives at both companies estimate the final transition to occur sometime between April and October of 2023. What does this mean for you?

  1. All accounts managed by Force Acres will move to the Charles Schwab platform at an undetermined date next year. Clients will receive a 60-day notice prior to the transition. Once the transition is complete, the TD Ameritrade platform will be discontinued.

    1. For clients for whom the transition is agreeable, the accounts will move without action required on your behalf.

    2. Clients who wish to find an alternate solution must discuss and execute that plan prior to the transition.

  2. Your accounts will be mapped over. Neither the holdings nor the values will change. The account number and login credentials will change.

  3. At least 10 years of data, such as account statements, tax forms, transaction history, and cost basis, will remain linked to the new account.

  4. Contribution and distribution instructions that are in place at TD Ameritrade at the time of transition will remain in place at Schwab.

At the moment, the only real task for clients is to make sure that your information at TD Ameritrade is accurate. That includes everything from your personal details, such as address, email, and phone number, to your financial suitability details, such as your income, net worth, and sources of funds.

There will be additional tasks in the coming weeks, but for the moment, the best position is simple awareness.

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