Abstract:Charles Schwab is set to move a large number of TD Ameritrade retail accounts this Labor Day. The merger represents significant progress in integrating the two online brokerage giants.
TD Ameritrade and Charles Schwab are about to undergo significant adjustments. Schwab is preparing to shift a large number of TD Ameritrade's “retail” customers over the Labor Day weekend. Not only that, but all accounts affiliated with financial advisers are making the transition as well.
Here's a little history. Charles Schwab purchased TD Ameritrade in 2020. This was after it acquired Scottrade just three years prior. The real push to integrate the two companies began at the start of 2023. It's been a slow and steady pace, but we're now nearing a significant shift.
This weekend will be busy. Margaret Farrell, a representative from Schwab, mentions that a big group of accounts will be transferred. This includes a portion of regular customers and the accounts managed by over 7,000 advisor firms.
Schwab's website has a critical reminder for TD Ameritrade investors. If your account is slated to move to Schwab, you'll need to create new login credentials. And whether your migration date is in November or somewhere in 2024, just be patient. Schwab commits to notify you well in advance of any action being taken.
Visually, things are changing too. TD Ameritrade's mobile app icon, Thinkorswim, now has a shade of blue which is reminiscent of Schwab's logo. In fact, the broker's videos have been rebranded as the “Schwab Network”.
TD Ameritrade's popular trading app, Thinkorswim, has been a hot topic. Schwab assures that it will soon be accessible to its clients.
Why is this shift so critical?Competition is high in the world of online brokerage. Schwab reported managing $8.24 trillion in assets as of the end of July. This is a 13% increase over last year and a 3% increase over the prior month.
To stay up to date on these developments, visit TD Ameritrade's website here: https://www.wikifx.com/en/dealer/4891635908.html. To keep updated on the latest news even on the go, download the WikiFX App here: https://www.wikifx.com/en/download.html.
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