News, Vision & Voice for the Advisory Community


Fresh wave of TD Ameritrade RIAs are speaking out 30-days after Schwab Advisor Services merger, complaining about more red tape and problems befalling clients -- stress levels high

Not just social media savvy RIAs, but principals of smaller, classic, all-TDA shops are listing a litany of issues -- the tip of an iceberg, according to small RIA custodians.

Author Lisa Shidler October 7, 2023 at 6:13 AM
no description available
Jeff Snodgrass: 'The Schwab Advisor Center experience has dramatically improved.'
Brooke Southall and Keith Girard contributed to the editing of this article.

J King

J King

October 17, 2023 — 4:16 PM
Our firm attended every educational session and the large off site "Solutions" conference in Orlando. We attended the online version of the Orlando event a few weeks prior to the transition. To say "you can blame the victim to some extent" is an absolute slap in the face to Advisors.
Chicago RIA

Chicago RIA

October 18, 2023 — 9:32 PM
Regarding the comment: "...there were no significant disruptions to the client experience and overall service levels remained strong – including answering client calls in under one minute..." - this is one of the more absurd comments I've heard on an earnings call. From our firm's perspective (~$1bn AUM), the transition from TD to Schwab has been an unequivocal disaster. Our team has done everything possible to shield our clients from the impact, but given Schwab's wildly outdated technology and processes, we can only do so much. Bettinger's comment is nothing short of laughable. The transition has been a huge negative for our firm and, more importantly, our clients.


October 19, 2023 — 10:42 AM
our data on securities was correct but i now hve california clients who have never been to california. i have charities that my firm now owns. we have audited all client data and the level of wrong is implies rhe data conversion tables were so inaccurrate that we trust nothing at schwab. further the correction process is waiting on the pgone for hours to be yold sorry about that you need to file bla blah blah form which we filed weeks before. essentially schwab has demonstrated a level of transistion that sets a nww standard for incompetance. when tax time comes and california claims taxes due for accounts that schwab has listed as california but have no activity in california and are ohio organizations the priblems will escalate from terrible to costly and the lawsuits will begin to make schwab pay for the tax isdue corrections. we are looking but we fear to move would be more work since so.much of schwab data is wrong. clients do mot like to he repappered twice in a year. our size is over $500 million tda had a great service team that respobded to us quickly and effectively. we have same people who are great but the schwab processes halt reponses and impose new ridiculous standards on doing simple things we have done for years the only truth of this transition is short schwab and ho long all their competitors


November 10, 2023 — 7:27 PM
It's really hard to believe that Schwab has been the largest custodian for a long time now. Their user interface, processes, etc... are so outdated. Schwab essentially lied to TD advisors when they said they would take the best technology of both firms and come up with a better solution. TD Amertitrade's technology was far superior and much easier to use than Schwab's. It's like we went back in time after the merger. Things that took minutes at TD has taken us hours, even days at Schwab. Some of the processes at Schwab just leave you scratching your head wondering if it's real. For example, if a client wants to take out a large withdrawal from their IRA or do a Roth Conversion that would put them in a higher tax bracket, we cannot change the tax withholding online. Schwab says we don't have the authority to do that; however, they will let us call it in (which only works sometimes depending on who you talk to). There are so many inefficient processes that we are starting to create a list. Schwab had better get this fixed fast or else we will be calling Jason Wenk and other custodians. You know it's bad when you would rather repaper all of your clients than to deal with this mess. And I agree with the other commenter in that it is very disingenuous to blame this on advisors. This is squarely on the shoulders of Schwab.


November 11, 2023 — 4:37 AM
Schwab back office is a disaster and is an absolute nightmare. We are frustrated with trying to do daily business at the most basic level. The back office team who handles new forms processes them incorrectly often. They do not pay attention to the request and miss important details ALL THE TIME and the agents answering the calls to walk you through the forms do not know how to answer questions as to how to complete the forms. Additionally those same Schwab employees CANNOT REACH anyone to advise the RIA how to properly complete the their own firms. It is beyond ridiculous.


November 15, 2023 — 5:03 AM
TD should have acquired Schwab not the other way around.

Related Moves

RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors

Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.

November 3, 2022 at 1:59 AM

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

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

See more related moves

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo