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A blue Charles Schwab logo shaped like a large puzzle piece is being fitted together with a green TD Ameritrade logo shaped like a puzzle piece

Industry Spotlight > Mergers and Acquisitions

Schwab Shuts TD Ameritrade Platforms for Good

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TD Ameritrade platforms will no longer be accessible after market hours Friday as Charles Schwab & Co. starts shifting the last group of Ameritrade client accounts to its own investing platforms.

“This weekend, about 1.8M client accounts will move from TD Ameritrade to Schwab, including some of our most complex trader accounts as well as a number of retail and international accounts,” Schwab spokewoman Margaret Farrell told ThinkAdvisor by email Friday.

“The TD Ameritrade website and all branding will be drawn down soon after this weekend’s conversion,” Farrell said.

Several months ago, Schwab started communicating with the clients transitioning this weekend to ensure they have the information they need and know how to reach the financial giant with any questions, she said.

After this weekend, Schwab will have moved approximately 17 million accounts and about $1.8 trillion to $1.9 trillion in assets to Schwab from TD Ameritrade over the course of the integration, according to Farrell.

“To-date, we have comfortably outperformed our expectations for client attrition, and we are seeing strong momentum with converted Ameritrade clients who are engaging in the spectrum of services and capabilities available to them at Schwab, including retail trading platforms and advisory services and wealth management.”

Schwab acquired TD Ameritrade in 2020, a year after announcing the transaction, and it has taken years to complete the transition; Schwab converted most TD Ameritrade accounts to its own platform in 2023.

“We have been listening to client feedback throughout the entire integration and have introduced several key enhancements to the and Schwab Mobile platforms over the last few months as part of our commitment to deliver the best features and functionality from both the Schwab and Ameritrade platforms,” said Farrell.

This includes features like live streaming market data, redesigned web and mobile watchlists, and improved research tools, she said, noting that Schwab expects to continue to enhance and improve its trading platforms based on feedback from legacy Schwab and Ameritrade clients.

“Additionally, it’s very important to note that thinkorswim in its entirety — including futures, forex, and portfolio margin — is now available at Schwab, so clients won’t experience any disruption there.”

Image: (Chris Nicholls/ALM; Adobe Stock)


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