As we've mentioned in previous communications, your TD Ameritrade Institutional account(s) will be transitioning to Schwab Advisor Services over the upcoming Labor Day Weekend. Here are answers to some of the most frequently asked questions about the transition.
Why are my accounts moving to Charles Schawab?
Since 2018, Elios Financial Group (EFG) has used TD Ameritrade (TD) as its provider to custody its’ client assets. In November 2019, Charles Schwab (Schwab) announced that they would be acquiring TD Ameritrade as a corporate merger. Nearly four years after the initial announcement, Schwab is finally ready to finalize the transition. As of September 1, 2023, TD’s accounts will transition to Schwab.
We are excited to make the transition to a firm that will provide added services and technology. We liken the transfer to the many bank mergers that have happened in the Cleveland area over the years. Who remembers Charter One, First Merit, Ohio Savings, Society Bank etc.? This, however, is happening nationwide and impacting literally millions of households.
When will the transition take place?
Your current TD Ameritrade account(s) and information will automatically and securely move to Schwab: Labor Day Weekend September 1st - 4th
- September 1, 2023: TD Ameritrade Institutional Accounts will transition starting at 8:30PM EST. You’ll have full access to your account at TD Ameritrade through September 1st.
- September 5, 2023: First day to begin using your new Schwab account.
Will I have access to my accounts?
- You will have access to your account(s) on TD Ameritrade Advisor Client through Friday, Sep 1st, at 8:30 p.m. EST.
- Use your Schwab Login ID and password to access the Schwab Alliance client portal beginning 5 a.m. ET, Sep 5th
What do I need to do?
The good news is, there is very little that you need to do. Your account information, assets, move money profiles, and instructions will automatically transfer to Schwab. In addition, your historical statements, confirmations, tax forms, and transaction history will also be included in the transfer.
However, you should set up your Schwab Login ID and password now:
- Website: Schwab Alliance
- Select: New user?
- Follow the prompts to create your Schwab login info
Are the Fees Changing?
No. Your relationship and fee agreement with EFG won’t change. There are no additional fees or trading costs etc. at Schwab. This transition represents a transfer to a new custodian and an enhanced opportunity for safeguarding your assets. We think the new merger will be a positive and seamless experience for you and our office.
Elios Financial will continue to be your investment advisor, independent from Schwab. Nothing will change in our relationship with you as your investment advisor; we will continue to be your fiduciary and provide ongoing advice and management of your accounts with no change in fee structure.
Additional Resources
- Schwab FAQs
- How to create your Schwab Login ID and Password
- We will continue to be available to help you in any way that we can. Email or call us 440-617-9100