Schwabitrade Is Coming!
We are a little less than two months away from the transition of accounts from TD Ameritrade to Schwab. If we manage accounts at TD Ameritrade for you, you should have received a letter in the mail recently from TD Ameritrade reminding you of this transition.
The merger of Schwab and TD Ameritrade was announced in late 2019, and since then, teams from both companies have been working to make this transition as seamless as possible for our clients. We know change is scary, and we’re here for you during this time. The most important thing for you to know is that everything—all your funds, what they’re invested in, the bank linked to your account, your recurring contributions or income—everything associated with your account is going to move over as-is unless you are specifically told otherwise. Nothing about this move requires any action from you.
Here’s a timeline to keep in mind. Bear in mind that we are tracking all of this for you in our office. You don’t have to spend time and effort on following along with the transition unless you want to.
Already: You received a letter from TD Ameritrade reminding you that your accounts are moving to Schwab.
August 1st: You will receive a packet in the mail for each of your accounts at TD Ameritrade. It will let you know the new, eight-digit account number these accounts will have at Schwab.
August 1st: Starting today, you can make an online account with Schwab.com. If you currently use AdvisorClient.com, your username and password will be the same at Schwab. If you don’t have online access but want to make it, the details will come in that packet from TD Ameritrade.
September 1st, the Friday before Labor Day: This is the last day your accounts will be at TD Ameritrade. Over the weekend, your online access via AdvisorClient.com will turn off as everything moves to Schwab.com.
September 5th, the day after Labor Day: This is the first day your accounts will be at Schwab. Your online access via Schwab.com will be live.
The easiest way to stay ahead of the transition will be to use online access via our Morningstar client portal. Morningstar will seamlessly swap out the account numbers on your existing online access, so you don’t have to make a new login or bookmark a new webpage. If you don’t yet have access through Morningstar but would like to get it set up, just give us a call and the team can help get you set up.
Most importantly, please know that if you wake up on Tuesday the 5th and just want confirmation that your money is still there, just give us a call or send an email! We don’t want you to feel anxious about this transition, and we would love to hear from you.
Feel free to reach out to us with any questions you may have regarding this—the whole Horst & Graben team is here for you!