Schwab Transition Coming 9/1
Only a little more than a week remains until the transition of your accounts from TD Ameritrade to Schwab, which will occur over Labor Day weekend (September 2-4). We know you’ve been inundated with emails and mailings from us and from Schwab, so we wanted to cut through the noise with some fundamental facts. Feel free to print this and put it on your fridge or in a file to reference over the coming weeks.
What is happening and why?
In December of 2019, Schwab purchased TD Ameritrade. For the past three years, both companies have been working behind the scenes to support a seamless transition of accounts from TD to Schwab, which will be complete on Tuesday, September 5th.
What will move to Schwab?
Your accounts will be picked up and moved over to Schwab in their entirety. All the funds you own will stay intact, as will any existing contributions or income, the bank on file, your beneficiaries—and of course, our status as your advisor.
Do I need to do or sign anything to make the transfer happen?
Nope!
What will change with the move?
All accounts will get new, eight-digit account numbers at Schwab, which you already received in the mail, though you don’t need to hold onto them. This is the only thing that will change other than online access.
How will I look at my accounts online?
If you use our Morningstar client portal, that will stay exactly the same. If you currently use AdvisorClient.com, that will shut down and you will use SchwabAlliance.com instead. You can sign up now, and starting Tuesday, September 5th you’ll see your accounts there.
Instructions on how to sign up for Schwab.com were sent with the letters you recently received, but Sonia in our office is spearheading a project to get you signed up. Now, if you’re truly not an online person, feel free to disregard this! But if you are comfortable with online signatures or want to be able to view your monthly statements online, watch for an email from Schwab Alliance inviting you to sign up.
You can also go to schwab.com/sa_webactivate.
I’m feeling nervous!
That’s totally understandable! This is a big transition, and we want you to feel comfortable. We are 100% confident that your accounts will move over with no interruptions. However, our whole team is here to answer any questions that might come up prior to the transition. And if you wake up on Tuesday the 5th feeling worried, please give us a call so we can look up your accounts and put your mind at ease!