On the day of the mega-deal’s completion, Bernie Clark — head of Advisor Services for Schwab — described the transaction’s significance as being “really huge.”
It could be viewed as “the biggest thing we’ve seen happening in this space, in bringing great companies together with like-minded approaches to their clients and an opportunity for all investors,” Clark said on Oct. 6.
The combined brokerage firm has over $6 trillion in DIY investor and RIA client assets. In June, the total assets handled by RIAs with the two firms was $2.6 trillion — of which $1.9 trillion was at Schwab and $700 billion at TD Ameritrade.
When the deal was first announced on Nov. 25, 2019, Schwab said the transaction potentially could unite over 14,000 RIAs.