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TD to Schwab Merger - A Client's Guide Thumbnail

TD to Schwab Merger - A Client's Guide

Posted by John Posey

With the merger of TD Ameritrade and Charles Schwab close to being official, please take note of the following bullet points for all those who have existing TD Ameritrade accounts:

  • Your account(s) will move from TD Ameritrade to Schwab over Labor Day weekend 2023 (effective Sept. 5th) – there is nothing you need to do, no paperwork required.
  • You will receive a new account number at Schwab – you may have received this info already in a communication from TD/Schwab.
  • All clients with accounts transitioning from TD to Schwab need to update their Plains Advisory Asset Management Agreement after conversion – we will be reaching out where needed to coordinate the paperwork either electronically (ie – Docusign) or the traditional paper method – no immediate action is required, we will reach out to you personally as needed to coordinate in the future.
  • Current account instructions such as scheduled contributions, distributions, and bank ACH/wire authorizations will automatically continue with Schwab.
  • Those with existing TD Advisor Client online credentials will be prompted to create a Schwab Alliance Login ID and password shortly as the transition date approaches.
  • If you do not currently use TD Advisor Client, we suggest you set up online credentials with Schwab Alliance [click “New user?”]. Why? - Schwab’s best process for electronic approval of paperwork involves using Schwab Alliance online credentials  - this makes account updates and service requests easier. Plus you will get direct online access to Schwab account details on demand (ie – statements, tax forms, etc.).  
  • 2023 Tax Prep Info - Expect to receive two sets of Form 1099 for taxable (non-retirement) accounts for 2023 – one from TD and another from Schwab during tax time. You can expect a Form 1099-R from TD for 2023 to extent you took IRA distributions (including Roth conversions) prior to the 9/5/23 transition date. Expect to receive a Form 1099-R from Schwab to extent you had IRA distributions processed between 9/5/23 – 12/31/23. (Expect to receive 1099s near Feb. 2024 timeline).
  • The Plains Advisory Client Portal Login will remain the same and account performance data will stay intact. Since inception TD account history (dating as far back as year 2019) will be retained as part of the new Schwab account – that’s good news!
  • Over Labor Day weekend, all TD and Schwab account data will be inaccessible in the Plains Advisory Client Portal – Schwab account data can be accessed on 9/5/23 or later.
  • Account statements will reflect the Schwab logo and format starting with September statements (generated in October)  – new look, same information.

 Visit welcome.schwab.com/alliance and/or contact us for further detail on the TD Schwab merger.

Advisory services offered through Plains Advisory LLC, an investment adviser registered with the State of Nebraska. Insurance products and services are offered and sold separately through John Posey, a licensed insurance agent. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Any information provided is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal, tax, financial or investing advice and cannot be used to avoid tax penalties or to promote, market, or recommend any plan or arrangement. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.