Page 3 - Investment Advisor October 2022
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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
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