After more than three years of preparation, the transfer of Charles Schwab’s TD Ameritrade account over Labor Day weekend appears to have gone smoothly without any major incidents.
At a press conference on Tuesday, Schwab Advisor Services head Bernie Clark revealed that more than 7,000 advisory firms, 3.6 million client accounts and $1.3 trillion in assets have been moved overall. did. Prior to the transition, TD Advisors set up their Schwab Advisor Center credentials and were able to familiarize themselves with the platform from June 21, he said.
“It worked beautifully,” he said.
Advisor we spoke with Wealth Management.com The feeling was reflected before and after.
Brian Perry is Executive Vice President and Chief Investment Officer of Pure Financial Advisors in San Diego, California. The firm has approximately $5.1 billion in total assets under management, 42 advisors and 3,906 clients. Just over half of these assets are held in TD, meaning more than $2.2 billion in assets under management have moved to Schwab.
Perry said on Tuesday his company had “no major problems,” apart from some customers not knowing how to log on to Schwab. His company uses his eMoney platform for planning and other functions, and although the balance was transferred correctly, he said the account title still showed him as TD. These accounts have to be manually updated by him to Schwab, he said.
Founder of 1650 Wealth Management in Lauderdale-by-the-Sea, Florida, Tom Balcom has approximately $100 million in assets under management and 125 clients. Prior to the switch, Schwab had 105 clients with approximately $83 million in assets under management. In addition, he has 20 clients in his TD, totaling approximately $17 million in assets under management.
Valcom said Tuesday that the switchover has been “very smooth so far”. He said he reviewed several accounts and found that one previously at TD showed an “internal transfer” of securities.
“I’m amazed that things went so smoothly for all this work,” Balcombe said.
Angela M. Bender, Managing Partner of AMJ Financial Wealth Management of Leesburg, Virginia, has $340 million in assets under management, six advisors and 425 clients, and has been custodian of RIA assets since 2012. It uses TD Ameritrade Institutional as an institution, Bender said. On Tuesday they said “everything is in place and our trading platform is up and running”.
Clint Walkner is co-founder of Walkner Condon Financial Advisors in Madison. The Wisconsin company has approximately $560 million in assets under management, with his eight advisors and his 615 clients. Prior to the transition, the company had 600 accounts in his Schwab with approximately $243 million in assets under management. They inherited an additional 1,160 accounts from TD, bringing total assets under management to approximately $249 million.
Walkner said on Tuesday that all accounts appeared to have been migrated without issue, and that the process “wasn’t bad at all.” The company uses Advyzon as its portfolio management system and a quick test showed that performance information and accounts were also ported correctly. He said he logged into his account using his access to Schwab Online and was shown in that system.
“I salute the whole Schwab,” Walkner said.
