TD Ameritrade platforms will not be accessible after market hours Friday as Charles Schwab & Co. begins shifting the final group of Ameritrade shopper accounts to its personal investing platforms.
“This weekend, about 1.8M shopper accounts will transfer from TD Ameritrade to Schwab, together with a few of our most complicated dealer accounts in addition to plenty of retail and worldwide accounts,” Schwab spokewoman Margaret Farrell advised ThinkAdvisor by e-mail Friday.
“The TD Ameritrade web site and all branding might be drawn down quickly after this weekend’s conversion,” Farrell stated.
A number of months in the past, Schwab began speaking with the purchasers transitioning this weekend to make sure they’ve the knowledge they want and know how you can attain the monetary big with any questions, she stated.
After this weekend, Schwab could have moved roughly 17 million accounts and about $1.8 trillion to $1.9 trillion in belongings to Schwab from TD Ameritrade over the course of the mixing, in accordance with Farrell.
“To-date, we’ve got comfortably outperformed our expectations for shopper attrition, and we’re seeing robust momentum with transformed Ameritrade purchasers who’re participating within the spectrum of companies and capabilities out there to them at Schwab, together with retail buying and selling platforms and advisory companies and wealth administration.”