Dear Client,
We hope you all are enjoying this beautiful Spring weather! We here at Brophy Wealth Management, LLC want to take this time to give you a few updates from TD Ameritrade.
Schwab's acquisition of TD Ameritrade
The first update is that Schwab acquired TD Ameritrade in October 2020, forming a brokerage firm with over $6 trillion in client assets. It was decided that the merger of two firms this large could not be rushed, so the two companies have worked together for 2 1/2 years to combine to minimize the impact on clients like yourselves gradually. They have now announced that Labor Day of this year will be the final step in the transition. This means that after Labor Day, TD Ameritrade will be fully absorbed by Schwab. You will start to receive Schwab statements and can view your accounts online on Schwab's website after that time.
Please be aware that we have put in the utmost thought and due diligence on this transition. We have spent hours meeting with representatives of Schwab, their competitors like Fidelity and AssetMark Trust, other wealth managers who use their services, our portfolio managers, and others to decide if we want our clients to move to Schwab automatically. These conversations have clarified that Schwab is the best option for our clients and employees. We will be able to offer even more services than we have in the past because of the size of Schwab. This will also be a (mostly) paperless transition requiring minimal work from you. We will keep you updated with a series of emails moving forward. You will also receive several updates directly from TD Ameritrade and Schwab. Please feel free to contact our office with any questions or concerns that you may have.
TD Ameritrade's Standing Letter of Authorization (SLOAs)
TDA will be mailing out their annual SLOA letters. These are their yearly reminder of what bank accounts you have connected to your TD Ameritrade investment accounts. Please call our office and ask for your Client Relationship Manager if you would like to make any updates to the bank on file.
https://www.thinkadvisor.com/2020/10/06/schwab-26b-td-ameritrade-deal-is-done/
Regards,
Your Brophy Wealth Team