RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Walt Bettinger expects 'hundreds' of Charles Schwab Corp. staff tasked with wiring TD Ameritrade merger to soon soar to 'thousands' of Schwab and TD workers

The Charles Schwab Corp. CEO reassured Wall Street analysts looking for a sign Schwab believes what it promises about an imminent closing that it has yet to schedule.

Author Oisin Breen August 4, 2020 at 6:12 AM
Admin:
no description available
Walt Bettinger: The people involved in this effort currently measure in the hundreds and eventually will be measured in the thousands.

Pete Giza

Pete Giza

August 4, 2020 — 10:16 AM
So much is happening in our industry is hard to keep up. For reasons all too obvious, I am keenly interested to see what results of the Schwab vs TD tech stack wars. In a previous RIABiz article I was quoted questioning why Schwab dump VEO since its a more modern architecture. However, I misspoke. VEO is a decade old. Yes it's true, it's API-centric, but things have changed drastically over the past 5 years. While APIs are important to provide the communication pathway between platforms and services, the core architecture technologies far more advanced. As co-founder and former CTO at RedBlack Software there were things that I wanted to do as we entered into the hybrid cloud infrastructure in 2010. I could see what I wanted to do in vision but could not develop it because browsers and other aspects of cloud technology and architecture didn't exist at the level of sophistication needed. In 2011 just getting basic right-click functions in a browser was like asking for a miracle. Fast forward to today and we have cloud databases petabytes in size. Microservices architecture that enables limitless ondemand computing resources. Things I could only dream of doing are now a reality. There is a sea change coming to wealthtech that will leave many wondering "what just happened?" while those who realized and acted will reap the rewards of platform as a service (PaaS). PaaS will revolutionize the way how do much more efficiently and effectively we get things done. What was once only available to large institutions will be available to the small emerging advisor. PaaS is quickly becoming the foundation of the digital transformation we ask keep hearing about. In fact digital transformation initiatives will rely heavily on PaaS to scale and ultimately succeed for the long haul. As chief product officer at AdvisorPeak I can tell you that we are all about PaaS and so are many of our partners. Soon the term integration will become a dirty word and give way to subscription. The coming waves of change in wealthtech will be exciting, meaningful and with immediate positive impact to your business Pete Pete Giza | CPO | www.AdvisorPeak.com
Cynthia Winegarden

Cynthia Winegarden

August 4, 2020 — 11:50 PM
I hope that the TD Ameritrade online platform will be similar because it is so user friendly for trading and training!
Paul Wright

Paul Wright

August 5, 2020 — 12:36 AM
.maybe, after the Schwab/ TD merger, they will do away with selling Premium and offer free sounds investment advice to their customers.

Related Moves

Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation

Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.

November 3, 2023 at 3:49 AM

Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond

The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30

August 22, 2023 at 12:46 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

Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment

TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA

August 5, 2020 at 9:33 PM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Kitces.com
Consulting Firm
Top Executive: Michael Kitces



RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo