Ask An Advisor Series – The TD Ameritrade & Charles Schwab Merger
June 7, 2023

Video Transcript:

Mark Brinser:

Hi everybody. Mark Brinser, joined today by Lee Shertzer, Managing Partner at Stewardship Advisors, and we are going to answer your questions as it relates to the TD Ameritrade and Charles Schwab merger and acquisition.


About the TD Ameritrade/Charles Schwab Merger

Mark Brinser:

So if it seems like a long time ago that you first heard about the TD Ameritrade and Charles Schwab merger, it’s because it was almost three years ago. It was first announced back in late September of 2020, and we just received some confirmation that things are gonna be happening over the next couple of months.

With the official changeover that you will see happening on Labor Day weekend of 2023. So now that we’re getting down to the five-month timeline and we’re starting to get some communications from TD about the different things you can expect from them, we thought it’d be a good time to just put this quick video together that’s gonna talk through the different things that you’ll be receiving.

And I’ll go over that timeline here in just a minute. But first, I thought it would be helpful if, if Lee just kind of went through what are some of the things that TD and Schwab do for us, and what role do they play for our clients?


The Impact of the TD Ameritrade/Charles Schwab Merger

Lee Shertzer:

Oftentimes in working with our clients, they ask you know, what, who is TD Ameritrade, and now who will be Schwab? So we just wanted to cover that. And first of all, I would say that TD Ameritrade is just a service provider for us and for you. So it is a service provider that we have chosen to serve us. And it is interesting that we did look at Schwab and TD back 10 years ago. And we chose TD.

Now will this be good because we’re now changing to Schwab? Well, we see it as a merger of good: merging the good things of Schwab and the good things of TD. TD was very strong with technology and we’re seeing that some of that technology is being adopted by Schwab. So we’re seeing this as some good things.

One of the things is, is that the TD and Schwab, they pretty much what they’ll do, what they are is the accountants for us and for you. They keep track of the money, which is very important. They will on a monthly or well on a monthly basis, send you statements telling you exactly what you have and all the accounting, those multiple pages that you get is all in there, and that’s what they do.

They also do the trading that we tell them to do. Okay. So basically they’re not trading without us. We tell them what to buy and sell for you in your accounts, and that’s that’s the role that they take. The biggest thing would be is, is that your statements will change from the TD Green to the Schwab Blue. That’s probably the most important thing.


Transition Timeline & Communication

Mark Brinser:

So as we look at the timeline over the next five months the first thing you’re gonna be getting from them will actually be coming here at the end of June, the week of June 26th, I believe. And that is gonna be what they call a negative consent letter. And you’ll be receiving that in the same form that you get all of your other communication from TD.

So if you get things via email, it’ll come that way. If you get things hard copy in the mail, it’ll come that way. Then you won’t receive anything from them again until the first week in August. Now this is gonna be a larger kit that actually comes in the mail. So regardless of whether you get things emailed or hard copy from TD, normally, everything that first week will come in the mail for you.

And then finally, as we look to September of this year, that’s when the changeover from TD to Schwab is actually going to happen. So that’s when you’ll start at that point, getting statements from Schwab, as well. So as we look at this, TD has told us that we’re gonna be getting copies of all the letters and all the communications and correspondence that you are.

So we’ll be able to see that alongside of you as those different pieces come out, that we can answer any questions as they happen. So, you know, as things change with this, if the timeline changes, we will certainly pass that along. But from what we can tell right now, things should be a relatively smooth transition.

But as you have questions, please let us know.

So, Lee, anything else you wanna add as we go through this process?


Lee Shertzer:

Well, I would say the most important thing is we will be walking with you through this journey. That is not just a tagline. That is everything that we do and believe, and so we will be here for you.

If you have questions, don’t hesitate to give us a call and we will try to proactively communicate as much as possible.


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Mark Brinser

Mark Brinser
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