No Major Reported Issues
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After over three years of preparation, Charles Schwab ’s Labor Day weekend conversion of TD Ameritrade accounts seems to have gone off without any major incidents.
During a press conference Tuesday, Bernie Clark , head of Schwab Advisor Services , revealed that more than 7,000 advisor firms, 3.6 million client accounts and $1.3 trillion in assets were moved overall. He said that ahead of the conversion, TD advisors had been able to set up their Schwab Advisor Center credentials and familiarize themselves with the platform beginning on June 21.
“It went spectacularly,” he said.
Advisors who spoke with WealthManagement.com before and after echoed that sentiment.
Brian Perry, CFP, CFA is executive vice president and chief investment officer at Pure Financial Advisors, LLC in San Diego, Calif. The firm has nearly $5.1 billion in total assets under management, 42 advisors and 3,906 clients. Of that number, a little over half had their assets custodied at TD—meaning more than $2.2 billion in AUM moved to Schwab.
Perry said his firm had “no major issues” Tuesday, other than some clients not knowing how to log on at Schwab.
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1 年I don’t think this was a full transition either. I still have a couple accounts that were left behind for the next round.