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Schwab execs all but dash RIA hopes for TD Ameritrade VEO One survival by pitting the open-API platform against expediency and an admitted pro-Schwab bias

Schwab COO Joseph Martinetto scoffs at 'platform-by-platform' cherry-picking of Schwab and TD systems: 'That will just take too long.'

Author Oisin Breen February 7, 2020 at 6:47 AM
Admin:
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Joe Martinetto: This can't be a system-by-system, platform-by-platform, pick-the-best and drive to an optimized platform over the long run -- that will just take too long.

Lindsay Tiles

Lindsay Tiles

February 7, 2020 — 6:29 PM
This is irresponsible journalism and a complete mis-characterization of what was said at our recent Business Update, particularly the headline and the lead paragraph. Schwab executives were clear that where there is material advantage to TD’s platforms those would be taken into account, and the open API approach for the RIA business was called out as an example. Joe Martinetto clearly noted that it was “ way too early” to talk about the plans for specific platforms. The statements about the future of Veo in this article are pure speculation, designed to drive clicks for this blog. In Bernie Clark’s comments he noted that “post integration we will be using the best technologies available for advisors.” If you’re interested in the facts, we recommend you watch the replay of the Business Update at: https://www.aboutschwab.com/schwabevents
Lindsey's  Mentor

Lindsey's Mentor

February 12, 2020 — 3:17 PM
Ok Ms Tiles please quantify, clarify and justify with substance all inaccuracies in the RIABiz article as inquiring minds need you to keep us in the fold...and not leave TD before the merger of unequals. Thank you in advance!

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally



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