After over three years of preparation, Charles Schwab’s Labor Day weekend conversion of TD Ameritrade accounts appears to have gone off with none main incidents.
Throughout a press convention Tuesday, Bernie Clark, head of Schwab Advisor Companies, revealed that greater than 7,000 advisor corporations, 3.6 million shopper accounts and $1.3 trillion in belongings had been moved general. He stated that forward of the conversion, TD advisors had been capable of arrange their Schwab Advisor Heart credentials and familiarize themselves with the platform starting on June 21.
“It went spectacularly,” he stated.
Advisors who spoke with WealthManagement.com earlier than and after echoed that sentiment.
Brian Perry is govt vp and chief funding officer at Pure Monetary Advisors in San Diego, Calif. The agency has practically $5.1 billion in complete belongings underneath administration, 42 advisors and three,906 shoppers. Of that quantity, a bit of over half had their belongings custodied at TD—that means greater than $2.2 billion in AUM moved to Schwab.
Perry stated his agency had “no main points” Tuesday, aside from some shoppers not figuring out how to go online at Schwab. He stated his agency makes use of the eMoney platform for planning and different options, and whereas the balances transferred over appropriately, the account title nonetheless confirmed as TD. These accounts will should be manually up to date to Schwab, he stated.
Tom Balcom, founding father of 1650 Wealth Administration in Lauderdale by the Sea, Fla., has a complete AUM of round $100 million and 125 shoppers. Earlier than the swap, 105 shoppers custodied with Schwab with a complete of AUM of round $83 million. One other 20 shoppers custodied with TD, with a complete AUM of round $17 million.
Balcom stated the swap had been “thus far, so good” Tuesday. He stated he checked a number of accounts and those that had been beforehand at TD had been exhibiting an “inner switch” of securities.
“I’m shocked that issues are going so easily based mostly upon how a lot work was concerned,” stated Balcom.
Angela M. Bender, a managing companion at AMJ Monetary Wealth Administration in Leesburg, Va., which has $340 million in AUM, six advisors and 425 shoppers had been utilizing TD Ameritrade Institutional as custodian of her RIA belongings since 2012. Bender stated as of Tuesday they had been “all in and our buying and selling platform is up and operating.”
Clint Walkner is co-founder of Walkner Condon Monetary Advisors in Madison. Wis. The agency has a complete AUM of round $560 million, eight advisors and 615 shoppers. Earlier than the transition, the agency had 600 accounts with Schwab with a complete AUM of round $243 million. They introduced over one other 1,160 accounts from TD with a complete AUM of round $249 million.
Walkner stated Tuesday the method was “not dangerous in any respect” as all accounts appeared to have ported over and with no points. The agency makes use of Advyzon as a portfolio administration system and it appeared from a brief take a look at that efficiency data and accounts had additionally been ported over to them appropriately, as nicely. He stated he had logged into his accounts with Schwab’s on-line entry they usually confirmed up in that system.
“Kudos to Schwab general,” stated Walkner.
