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After big Memorial Day systems merger, Charles Schwab & Co. gets an earful from TD Ameritrade investors -- and one RIA son-in-law -- over snafus, mobile app letdown and agonizing call center experiences

Vocal Twitter-using TDA investors don't hold back their dismay about how much got allegedly lost in translation for data and access

Author Lisa Shidler May 31, 2023 at 2:26 AM
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Derek Notman: It was a soul-crushing experience.
Brooke Southall and Keith Girard contributed to the editing of this article.

Tim Welsh

George Papadopoulos

George Papadopoulos

May 31, 2023 — 9:38 AM
My daughter's retail TDA Roth IRA account transitioned to Schwab over the weekend and I must admit the whole process was absolutely flawless which is certainly encouraging for the Labor Day institutional move. No app or fast trading modules needed, she is a buy and hold investor, she listens to her Dad...most of the time.


June 1, 2023 — 1:42 PM
I have recently transitioned to Schwab from TD Ameritrade. With regard to the mobile app, I couldn’t agree more that it’s like stepping back into the Stone Age. Just the basic Ergonomics Month and functionality are extremely disappointing. They have not integrated level two / real time quotes into post in pre-market balances. Options trading is a lot more clunky. In order to see real time quotes you would have to create a watchlist or see it in the order page view however, this is not integrated for quick order launch. I’m an active trader and very disappointed.


June 1, 2023 — 1:55 PM
Schwab. You missed a huge opportunity by not integrating the excellence and quality of the TD Ameritrade mobile app as a recent customer transitioning from TD to Schwab. I am very disappointed with the functionality. It’s a step back into the stone ages,


June 1, 2023 — 8:16 PM
I too was converted. I was told today that my automatic transfers take 3-4 days to be available to me. TD it was same day for automatic transfers. I liked TD app much better.


June 2, 2023 — 8:33 PM
I'm one of those TD Ameritrade (reluctant) mergerees and I will be transitioning out of Schwab as soon as possible.


June 3, 2023 — 1:09 PM
I was migrated. I have to say the migration occurred without a problem. The mobile app is hugely disappointing and the website is only ok. I moved one account already and I am looking for a place for my more active trading account. Reddit investing has a fairly long topic on people's dissatisfaction.


June 5, 2023 — 3:55 AM
It as been proved over and over that active trading adds no value - I find it amusing that these comments revolve around trading capability when in actuality taking that away from these folks probably improves performance.


June 5, 2023 — 6:27 PM
TD employees will share that these and other issues were surfaced to Schwab leadership as far back as 2020 and regularly since, but they were/are ignored and dismissed. Customers have been voicing concerns all along, and with it becoming clear that Schwab lacks TD's service and tech chops, its likely to get louder. At the same time, Schwab's employee engagement measures have allegedly cratered in the face of vague and unmet commitments, uncommunicative absentee executives, etc. and the key contributor brain drain would seem to support that notion. Now in reality, such is the life of customers and employees of almost every acquired company, and some people can't be made happy. You have to take it with a boulder of salt, but this does bear watching. Buying TD should have been a slam dunk win for CS, but does it seem like anyone besides the Schwab execs believe they are winning?

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December 20, 2023 at 1:52 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

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January 6, 2022 at 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Interactive Brokers
RIA-Friendly Broker-Dealer
Top Executive: Thomas Peterffy

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