Important Information About the TD Ameritrade to Schwab Transition

Important Information About the TD Ameritrade to Schwab Transition

The front of a Charles Schwab building

As a valued vendee of Abacus, we want to be sure you’re enlightened that your account(s) held at TD Ameritrade will be transitioned to Charles Schwab & Co. on September 5, 2023. This transition is a result of Schwab acquiring TD Ameritrade in 2019. While most Abacus finance are currently with TD Ameritrade, we moreover have many clients once with Schwab.

For increasingly information well-nigh why we chose Schwab as our trusted custodian, please see our email from June 28, 2023.

We want you to finger secure in this transition and have provided answers to some commonly asked questions below. The Abacus team is monitoring your finance and working closely with TD Ameritrade and Schwab to verify data and ensure a smooth merger. 

If you have spare questions, please reach out directly to your Abacus team. We’re here to help.


To stave disruptions, the transition is taking place over a weekend, between September 1st and September 4th, 2023. Beginning Tuesday, September 5, 2023, all our TD Ameritrade finance will be held at Charles Schwab & Co.

On or virtually August 1st, you will receive a letter in the mail from Schwab with your new worth information. Your new eight-digit Schwab worth number(s) will replace your TD Ameritrade Institutional worth number(s) as of September 5, 2023. This document has sensitive information on it, so please alimony it in a unscratched place or shred and dispose of it.

For increasingly details, we encourage you to visit Schwab’s Vendee Learning Center:  Welcome.Schwab.com/Alliance

There is very little you need to do and your relationship with Abacus is not changing. To ensure a smooth transition, please personize or set up your online worth login details:

For Abacus clients with finance at TD Ameritrade:

  • If you once have a TD Ameritrade login, please personize it is up to stage by visiting www.AdvisorClient.com. Starting August 5th to September 1st, you will be prompted to create your new Schwab Alliance login and password. If your TD credentials qualify, you’ll be given the option to retain your existing user ID or create a new one.
  • If you do not currently have TD Ameritrade’s AdvisorClient.com login credentials, now is the time to create them. Visit TD Ameritrade’s website at AdvisorClient.com and click ‘Set Up My Profile’. This will help make the transition process seamless and alimony you informed of other transition related topics. 
  • If you wait until without September 5th, you will need to set up your Login ID and password directly on Schwab at Client.Schwab.com. Select ‘New User’, then follow the prompts. You will need your new worth number that was mailed to you.
  • If you’d like login assistance, please reach out to your Abacus team.

For Abacus clients with finance once at Schwab:

  • If you are a vendee who currently has an worth at Schwab, then there’s nothing you need to do. Your Schwab login will protract to operate with no changes.

As your trusted counselor and investment manager, Abacus is working closely with TD Ameritrade and Schwab to handle the transfer of your accounts. As a result, there is no whoopee required on your part to well-constructed the transition. Abacus has been provided with your new Schwab worth numbers. Worth preferences, will-less money transfers, investment holdings, and history will all transfer over to Schwab’s platform.

  • Statements: You will receive two statements during your next  statement period – one for your TD Ameritrade Institutional worth (typically showing a zero wastefulness and no positions), and one for your new Schwab account.
  • Taxes: Because of the transition, you will have an spare set of 1099 forms for 2023. You can wangle your TD Ameritrade 1099 tax forms online at Schwab.com/1099 without September 5, 2023.
  • Investments: All resources and holdings will be automatically transferred to your new Schwab worth “in kind.” Nothing will be sold as a result of this transition and no taxes will be incurred. We are worldly-wise to purchase all the same investments with Schwab, so there will be no transpiration as a result of this transition.

Once we learned of the TD Ameritrade and Schwab merger, Abacus initiated a long, due diligence vetting process for potential new custodians. Without much deliberation and an in-depth review of alternatives, we selected Charles Schwab & Co. as the most suitable custodian for Abacus clients. Not only is Schwab worldly-wise to alimony fees low, they have spanking-new vendee and consumer service teams, and have demonstrated a level of competence, security, and expertise we demand for our clients.

Even though Abacus has selected Schwab as our primary custodian, we understand that some clients may prefer flipside option. Abacus moreover has a relationship with Fidelity Investments. If you wish to discuss moving your finance to Fidelity, your team will be worldly-wise to facilitate the transfer without the completion of the Schwab transition in September.

We tightly fathom and value you as our vendee and hope to make this transition as smooth as possible for you. Thank you for helping us expand what’s possible with money.

The post Important Information Well-nigh the TD Ameritrade to Schwab Transition appeared first on Abacus Wealth Partners.


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