After three years of waiting and wondering about the transition from TD Ameritrade to Charles Schwab, the merger is complete, and it appeared to be No Prob. No websites crashed, no dramatic mix-ups or missing accounts, and no interruption of our important work serving our clients.
All client accounts were successfully transferred and their assets are now sitting in the eighth largest bank in the United States, Charles Schwab. Over the Labor Day weekend, $1.3 Trillion in assets and 7,000 investment firms moved in what one article is calling a “Snooze Fest.”
Charles Schwab has proven themselves to be incredibly competent in the first inning of our work together with them. We’ve needed to call them several times the first week as we had questions about the new system. Even though 7,000 firms like ours moved to Schwab the the very same day, the hold times were shockingly short and we were able to find knowledgeable people to answer our questions. Another good sign for the future.
The next step in this transition is for us to get clients familiar with the new look and feel of Schwab. We’ll be getting out the call list shortly to reach out to everyone to see what questions they may have.
Here are a few topics we’re planning to discuss:
- Online Logins – Helping everyone who wants an online login get one.
- Combining Logins – Helping combine online logins of families who’d like to see all accounts in one spot.
- Paper Statements – Helping combine paper statements so that all accounts come in one envelope every month.
- Distributions – Talking through distributions and contributions to accounts that might take an extra day or two to process.
Please contact us if we can do something for you. We hope everyone had a great summer and we look forward to talking with you soon.