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Executive Summary
Charles Schwab and TD Ameritrade have officially merged, and the integration process is underway. Advisors should anticipate a unified experience, including a single platform and enhanced referral networks.
Technology Convergence
According to Bernie Clark, EVP and head of Schwab Advisor Services, the merger will result in a unified technology experience for advisors. This will include a single platform that combines the best elements of Schwab and TD Ameritrade.
The Schwab Advisor Center (SAC) will serve as the foundation for the future unified platform. Advisors can expect a next-generation platform that seamlessly integrates Schwab’s services and capabilities.
Veo, TD Ameritrade’s flagship platform, will be phased out over time in favor of the unified platform based on SAC.
Open Architecture and Inclusivity
Clark emphasized that the combined firm will maintain an open architecture, welcoming advisors of all sizes.
“It’s no one’s job to tell [advisors] when they’re successful enough to be part of the organization,” he said. “We expect that all advisors will be able to do business with us.”
Referral Network Integration
Schwab and TD Ameritrade are combining their extensive referral networks to provide advisors with a more comprehensive range of support and opportunities for new client acquisition.
Overlapping Client Base and Discovery Period
Approximately 30% of clients overlap between Schwab and TD Ameritrade. The remaining clients are spread across other custodians and institutions.
During the integration period, both firms will continue to operate separately to ensure seamless client service. Advisors can expect a “period of discovery” as the combined organization explores potential synergies and opportunities.
“This is a very worthy mission we’re on,” Clark concluded.
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