FAQs
Why do my Statements show different values?
Your investment account(s) may have two published statements for the month of September.
The first statement is based on the timeframe WNY Asset Management managed your account at TD Ameritrade (pre transfer) and the second statement is based on the timeframe WNY Asset Management managed your account at Charles Schwab (post transfer).
The value of “Securities Transferred Out” on the TD Ameritrade statement is calculated on the market prices at the close of business September 1st, this is the last full day your investments were at TD Ameritrade.
However, the value of “ Transfer of Securities In/Out” on the Charles Schwab statement is calculated on the market prices at the close of business September 5th, this is the first full day your investments were at Charles Schwab.
Rest assured that no funds were added to or taken from your account. These differences only reflect the change in market value between the two days.
Along the same lines, you may see cash withdrawals on the TD Ameritrade statement. These will be offset by a cash deposit on your Charles Schwab statement. This is standard procedure for a movement of cash between custodians.
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.
Do I need to take any action?
You do not need to take any action at this time.
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