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Charles Schwab shutters 79% of TD Ameritrade branches -- though 140 will cohabitate with a next-door Schwab branch -- and refers legacy TDA assets to legacy TD RIA custody clients

The San Francisco retail brokerage will keep 400 branch addresses and no legacy Schwab assets will get referred to a 'TDA' RIA for now.

Author Oisin Breen
November 11, 2020 at 12:27 AM
Admin:
no description available
Joe Martinetto: Our combined branch footprint ... will be larger ... and 90% of our clients will have a branch within 25 miles, up from 80%.

Related Moves

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one

The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says

October 11, 2022 at 12:40 AM

Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 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

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally




Douglas Sawyer

Douglas Sawyer

November 11, 2020 — 5:32 PM
What is eventual impact to those of us who have 401ks and cash and stock investments through TDA?
Brooke

Brooke

November 11, 2020 — 5:57 PM
Presumably not too much...But as journalists that is what we are watching for.
SAM W TROLINDER

SAM W TROLINDER

November 11, 2020 — 11:47 PM
SERVICE HAS PLUMMETED SINCE THE MERGER. 30-45 MINUTES WAITING TO SPEAK TO CUSTOMER SERVICE IS HE NORM. SCREEN FREEZEUPS AND SDISSAPPERAING BALANCES DURING THE TRADING DAY ARE THE NORM. BASICALLY THE MERGER IS ONE STEP ABOVE TRASHY ROBINHOOD....IM GOING BACK TO ETRADE & FIDELITY
Dan w

Dan w

November 12, 2020 — 12:56 AM
Every time the markets make a large move your phone app locks out customers; fix it and invest some $$$ cheap jerks
Nanz

Nanz

November 12, 2020 — 4:05 PM
After hour trading is a plus, where the bike trail ends, NC

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