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Schwab-TD Ameritrade Integration Still on Track: Executive

The integration of TD Ameritrade’s
technology into the Schwab Advisor
Center platform remains on track to be
completed by mid-fall 2023, according to
an executive. That’s within the 36-month
merger timeline cited by Charles Schwab
when it finalized the $26 billion deal in
October 2020,
Meanwhile, what Schwab is “starting
to see right now is a real engagement
from Ameritrade advisors to really want
to understand the platform that they will
be moving toward,” said Alison Dooher,
managing director of Digital Advisor
Solutions at Schwab Advisor Services, in
an interview in August.
Schwab also launched a program called
Jump Start in the first quarter of 2022 “gives them a pretty granular view into Portfolio Connect for Ameritrade
that lets TD Ameritrade advisors “choose their practice about how, across the advisors could offer a portfolio
to open new accounts on the Schwab users at their firm, they’re actually get- management solution for particularly
platform,” Dooher explained. ting work done with Schwab in the most those who are single custody” focused,
Jump Start is “not for converting exist- efficient way.” Meanwhile, educating she added.
ing clients but it can be used for that advisors on the tools that are available As “part of our internal preparation
next new client that they’re growing to them is important and might help for the integration” to be completed and
into their practice and to onboard them them avoid some of the pitfalls they face, to “ensure that that goes smoothly,”
directly out to the Schwab platform, including “rework,” Dooher said, adding: she also said, “we’re engaging not just
giving their practice an advance view “You will hear this messaging just more advisors, but also the third-party vendors
and more time to really get used to the and more prevalent as we continue to who serve those advisors well in advance
Schwab platform that they’ll be moving talk to advisors around planning ahead so that they are prepared for the switch
to,” she said. for the ultimate integration upcoming.” to occur and for data flows to keep
Schwab is “starting to see an uptick But “integration’s not the only thing on moving seamlessly.”
of [TD] advisors really wanting to the advisors’ minds” now. They are also A positive sign for Schwab is “one
take advantage of this,” the executive “really keenly focused on driving adoption of the great things that we hear
explained. “The summertime has prob- and more efficient processes within their from advisors, and particularly the
ably provided a little space for folks own firms” and Schwab is out to find top-performing advisors, is that they’re
to consider making this move” if they more ways to help them do that, she really leaning into digital workflows and
hadn’t done so already, she pointed out. noted. In addition to the focus on digital digital capabilities across their firm,”
“We expect that that is likely going to tools education, she said third-party inte- she explained. As a result, “they’re
accelerate with more interest as time grations also play a key role. getting time back that they want to
spend with clients in a more value-add
“That’s why you’ll see things across
passes” and the integration is finalized,
Adobe Stock Dooher said. our roadmap that are really intended to … way [and getting] up to 20% of time
provide end-to-end solutions,” Dooher
back on an annual basis,” calling that a
Schwab also offers a technology adop-
explained. “We think, for example,
“big lift.” —Jeff Berman
tion dashboard to advisors that she said
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OCTOBER 2022 INVESTMENT ADVISOR 1