Reports that Charles Schwab planned to swoop in and buy rival TD Ameritrade started making headlines on Nov. 20, 2019, and that’s when the news team at ThinkAdvisor and Investment Advisor started covering the developments.
Official confirmation of the deal didn’t happen until Nov. 25, and by then, the RIA community was in full conversation about what the estimated $26 billion transaction would mean.
It’s been a long year since then, and for many RIAs the impact of the deal has only just begun to be felt. On Oct. 6, 2020, Schwab said another 18-36 months were needed to combine the technology and operations of the newly combined entity.
We highlight the ins and outs of the deal over the past 12 months — and this history behind it — in this month’s cover story. Our extensive timeline chronicles the many developments that laid the seeds of the mammoth acquisition.
We also present author and RIA Creative Planning President Peter Mallouk’s views on what it means for the industry, along with insights from former columnist and head of BNY Mellon Pershing’s Advisor Solutions unit Mark Tibergien.“This will be an interesting decade for transformation in the business,” Tibergien says.