Charles Schwab & TD Ameritrade: RIAs Preparing to Transition to Schwab

By Kelly Cook, Director, Communications

Seeing how hard independent Registered Investment Advisors (RIAs) have been working with our teams to prepare to join Schwab’s custodial platform from Ameritrade made me think about summers past. Yes, they’re seemingly unrelated, but my brain works like that, so I went there.

And when I think about summers past, I think about road trips, and I’m probably not alone in cherishing those memories of packing up the car with family or friends for a vacation getaway.

What we don’t usually remember when looking back is the prep and planning that went into making it possible.

Well, Schwab and RIAs around the country are on the verge of a pretty big trip together themselves as Ameritrade’s approximately 7,000 institutional clients pack up to join Schwab, and it’s important to acknowledge the work advisors are doing to be road ready.

More than 55,000 RIA firm employees across the country have attended Schwab’s live education events to prepare for transition over Labor Day weekend.  

We’ve happily addressed more than 15,000 questions from RIAs moving to Schwab during our webinars and live events, helping them get further down the road. Their questions set us up for shared success by helping us understand how prepared they are for the trip.

It doesn’t surprise any of us at Schwab that RIAs are so engaged in this effort – they’re doing what they always do – preparing to make sure their clients have a great experience as they move to Schwab. It also doesn’t surprise us that not every advisory firm is the same in how they want to prepare.

The good news is that we’ve designed our approach so advisors can prepare in the way that suits their needs and their preferences. And they’re taking advantage of it.

For example, nearly 6,300 of them are planning to join our virtual 2023 SOLUTIONS^® conference on the 15^th and 16^th of this month and close to 500 attended live sessions on both coasts a few weeks ago. Other advisors will attend the “office hours” we’re holding. And some will prefer to self-serve on the RIA Education Center. But all of them are getting ready for the big transition.

Even when you’re ready to head out on that road trip, you’re still finalizing things like checking fluid levels and that your windshield wipers are working great.

And that’s why Firm Security Administrators (FSAs) everywhere have been getting credentialed on Schwab Advisor Center. The FSAs have a critical role in preparing their firms for success. And they’re on it.

They’re visiting the website, reviewing checklists and the planning guide. They’re logging on. They’re reviewing master accounts and client sub-accounts. They’re helping their colleagues to do the same and setting their teams up on Schwab’s platform.

They’re checking out the new digs – seeing how to open accounts, move money, and trade! They’re setting up their preferences on the platform.

We are so impressed at how they’ve taken the wheel – impressed, but again, not surprised. That’s what they do.

Part of preparing for your summer road trip is making sure your friends or family are ready to rock and roll too.

Similarly, RIAs are working to ensure their third-party providers are all set. They’re checking in on the communication plans to their clients and doing all they can to shape the experience into a great one.

Our teams stand ready to support RIA firms as they continue their preparation for transition Labor Day weekend. We can’t wait to welcome them to the best of both!

Here’s to the last few miles of prep, so we can venture out together Labor Day weekend for the journey we’ve been anticipating since November of 2019.

Let’s do this.