TD Ameritrade & Charles Schwab: What you need to know

Jul 19, 2023Updates


What is happening?

Charles Schwab acquired TD Ameritrade in 2019. Since that time, the new entity has worked to combine client accounts on a unified platform. Although several small changes have taken place behind the scenes, the final phase of the transition is set to take place on Tuesday, September 5th, 2023.

Will WNYAM still be my Advisor?

Yes, WNY Asset Management will still be your Investment Advisor and the team you currently work with will remain intact. Charles Schwab, like TD Ameritrade is only the custodian of your account(s).

Who is Charles Schwab?

Charles Schwab is an Industry leading custodian for Registered Independent Advisors (RIAs) like WNY Asset Management, with 30+ years of experience providing supporting services and technology.

What is a Custodian?

A custodian bank is a financial institution that holds customers’ securities for safekeeping to prevent them from being stolen or lost. The custodian may hold stocks, bonds, or other assets in electronic or physical form on behalf of its customers.

Often, a custodian bank does more than provide asset protection. It can manage customers’ accounts and transactions, manage the settlement of financial transactions, account for the status of assets, and ensure compliance with tax regulations.

What differences will I see?

The most notable changes will be:

  1. Branding and layout of account documents from TD Ameritrade to Charles Schwab
  2. Website and Mobile Application Access

Do I need to take any action?

No action needs to be taken at this time. On or around July 31st, you will be prompted to setup online access to Charles Schwab when logging directly into your TD Ameritrade account.