RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Charles Schwab Corp. boasts 99.9% success with (likely) mock conversion of TD Ameritrade data to its own systems on eve of going live, and a hidden bonus -- $500 billion in held-away TDA assets ripe for the picking

First 500,000 TDA accounts will convert to Schwab this month with the promise of little to no repapering, but Schwab braces, nonetheless, for Murphy's Law.

Author Lisa Shidler February 2, 2023 at 3:04 AM
Admin:
no description available
Walt Bettinger: We think we'll unearth all sorts of relationships.
Brooke Southall and Keith Girard contributed to the editing of this article.

Related Moves

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

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

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally




John Libel

John Libel

May 30, 2023 — 2:47 AM
Well it's the first day for my account with Schwab and I don't have access to my account. Not a good start.

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo