What Our Clients Should Know About the Transition from TD Ameritrade to Schwab
Background
Charles Schwab completed their acquisition of TD Ameritrade (TDA) in 2020, and all accounts are expected to transfer from TDA to Schwab in the fall of 2023. TDA serves as the custodian for our client assets, which means your assets will be making the transition from TDA to Schwab.
In many ways, this transition will have little to no impact on you as a client of Clarity Wealth Development. For most people, the most noticeable change will be that your statements will say "Schwab" instead of "TD Ameritrade" at the top. For others, there may be more details you should be aware of.
In an effort to help our clients better understand what's coming, we put together a brief FAQ of some of the most relevant questions for you as a client of Clarity Wealth Development. If you have more questions, feel free to email support@claritywealthdevelopment.com.
We plan to update this page as we learn more, so you can refer back later if you are wondering about the latest developments.
Schwab Transition FAQs
Schwab is planning to move accounts over in groups throughout the latter half of 2023. You will receive a notification a few months before it happens.
Nope!
Schwab is planning on going the "negative consent" route, so you should get a letter in August of this year (2023) letting you know that your accounts will soon transition from TD to Schwab. If you are okay with that, then you don't have to do anything. The letter will include instructions on what to do if you are not okay with that.
If you have not already, please register at AdvisorClient.com. As your transition date approaches, you will receive a notification to create an account at Schwab.com. After the transition occurs, you will no longer be able to access account info through TDA’s website or app, so it is important that you set up your new account at Schwab.
Our team is available to help you every step of the way! We’ll keep you updated on progress and any additional info you need to know as the time of transition gets closer. Keep an eye out for more info in any emails and letters you receive from us!
If you want to know more, you can look at the TD Ameritrade Client Information Hub. If you have a question for us, feel free to email us at support@claritywealthdevelopment.com.