Dear Client,
If you have elected to receive paperless statements, today you received an email from Schwab informing you these are available to view in your Schwab portal. Once you are logged in, select the Statements tab. You will find in the upper left corner a blue drop down box. Here is where you can choose the account statement you want to see. The Statement Date default is the last three months, but you can drop down here and request up to 10 years of statements! You will find month-end statements from TD Ameritrade (TDA) for July, August, September, and September month end from Schwab.
If you did not elect to receive your statements electronically, you will receive two statements in the mail for each account, one from TDA and one from Schwab. You can still elect to receive statements electronically, as well as rename accounts, by logging into your portal and making that election and changes.
Please remember the transfer of assets between the old (TDA) and the new (Schwab) accounts posted as of September 5. Therefore, the Schwab September statement shows a $0 balance for September 1. Both cash and securities were transferred out of TDA and into Schwab to reconcile the transfer:
- CASH: The opening cash balance and dividends received into your TDA account in September were transferred to Schwab during the month. The total of these are labeled on the statement as “Deposits.” Dividends and interest received directly into your new/Schwab account are (and will be in the future) referred to as “Dividends/Interest.”
- SECURITIES: Due to the market value constantly changing during trading hours, the best way to reconcile Securities transferred is to confirm the number/quantity of shares transferred and received. To do this, go to the TRANSACTION DETAIL section of the TDA statement and, trace the number of shares transferred out (under the Quantity column), and compare this to the quantity of shares received as detailed in the TRANSFER DETAILS section of the Schwab statement.
- As you are receiving two account statements in this first month with Schwab, you will receive two 1099s early next year, as this will be the only year with some activity at TDA and some at Schwab. Again, if you elect paperless delivery of Tax Statements, you can get both companies’ statements from your Schwab portal.
Again, we thank you for your patience as we work through all the intricacies of dealing with Schwab after 11 years of working in the TDA world.
Regards,
Your Brophy Wealth Team