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Reported Schwab-TD merger is a 'blockbuster' combo that creates a 10,000-RIA, $2-trillion custody juggernaut and may signal long-expected industry shakeout

The San Francisco and Omaha companies were the fiercest of rivals, so everybody presumed E*Trade would be the next domino to fall.

Author Oisin Breen November 22, 2019 at 1:49 AM
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'Chuck' Schwab recently called takeout of a discount brokerage rival a 'logical conclusion' and promised to strike at the 'right' price.

TD Ameritrade


Charles Schwab


Charles Schwab & Co.

Chris Madril

Chris Madril

November 22, 2019 — 5:16 AM
great article. thanks!
brooke southall

brooke southall

November 22, 2019 — 5:43 AM
Thank you for saying that, Chris! (Us journalists need positive reinforcement much as anyone. Maybe more.)
Jeff Spears

Jeff Spears

November 22, 2019 — 12:17 PM
Consolidation is a business reality that needs to benefit clients as much as it does shareholders. Merger integration needs be be more than cost savings. Chuck should call Jamie and ask him how he has done it.
Pete Giza

Pete Giza

November 22, 2019 — 4:41 PM
Oisin, A chaotic rodeo ride to say the least. Damon Deru and I were at the InvestmentNews Future of Financial Advice conference in NYC this week when we received the stunning news. We had just been discussing last week what Schwab's next move would be. W knew it would be a big one because it was clear they were one a strategic tear. But neither of us expected this. However, looking back over the events of the past few weeks with 20/20 hindsight we saw the announcement of zero trading fees, fractional share trading aka the declaration of war on funds and now the acquisition of TD. This leaves us with the obvious question "what's next?" Or is there anything magnanimous left to announce? I think one needs to step back from all of the chaos and look at the core strengths and history of each of the players on the board. Schwab's investment vs TD's banking focused roots and we have to consider Fidelity and BNY/Pershing's next moves. In addition we have to look at what their goals are in the long run. Are they looking to even the playing field in the world of custody and captivating the RIA audience? Is their real focus on clearing? You need to consider each players entire business and what strategic moves they have made over the past 24-36 months that affect major sources of long term revenue. Personally I think, while not a custodian - yet, Envestnet is the one to keep a close eye on. The disruption is a fantastic playing field of opportunity if you can navigate through the wake of each juggernaut decision passing by your little tug boat. Pete Giza | Chief Product Officer | AdvisorPeak Inc

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December 20, 2023 at 1:52 AM

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

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January 6, 2022 at 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

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