IMPORTANT UPDATE
As you may be aware, Charles Schwab acquired TD Ameritrade in 2020, and since then, the two organizations have been working on plans to merge under one umbrella.
We wanted to provide some important answers for our clients who have accounts at TD Ameritrade with some common questions you may be asking during this transition process.
For more information read the FAQ’s below
Charles Schwab has a transition support site you can also reference by visiting this link: https://welcome.schwab.com/alliance.
Schwab Transition FAQ
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Is there anything I need to do during this transition period?
Our team at Atlas Wealth Advisors, along with our partners at TD Ameritrade and Charles Schwab, are working to ensure a seamless transition. For most of you, there will be NO ACTION NEEDED.
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How will this transition reflect my relationship with my team at Atlas Wealth Advisors?
Everything stays the same with your team at Atlas. There will be no changes, and as always, we're here to help.
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Will there by any changes to my investments?
There will be no changes to any of your investments
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When will the transition from TD Ameritrade to Schwab take place?
The transition date for this merger is set for Labor Day Weekend (September 1-4, 2023).
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Will my accounts be moving to Schwab?
Yes, ALL of your accounts at TD Ameritrade will move to Schwab over Labor Day weekend.
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What is the name of the new platform I will be using after the transition?
We will be transferring accounts from the TD Ameritrade Institutional Platform to the Charles Schwab Institutional Platform.
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How will I be contacted with my new account information on the Charles Schwab platform?
You will receive an email and hard copies in the mail with items necessary for your individual accounts.
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Will I be able to access my account during this transition?
You will not be able to view your accounts in the TD Ameritrade AdvisorClient Portal or the Charles Schwab Alliance Portal from Friday, September 1st at 7:30 pm CT through Tuesday, September 5th at 4:30 am CT.
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When will I receive my new account numbers and information?
Once your accounts arrive at Charles Schwab, you will receive new account numbers. Your new account number(s) will be included on statements and mailed documents from Charles Schwab. After the transition is completed, we will work with you to update any move money requests you have on file with your existing TD Ameritrade accounts. This will include Automatic Contributions, Distributions, or withdrawals to your investment accounts. This also includes bank accounts or other third parties.
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How will I be able to access my new Charles Schwab Alliance portal?
28 days before the transition (approx. August 5) you will receive instructions on how to set up your Schwab Alliance web portal. Clients who currently have access to TD Ameritrade’s AdvisorClient portal, will also see a countdown to the transition with a prompt to create your Schwab Alliance account.
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Can I use my TD Ameritrade login credentials to access the Schwab Alliance Portal?
Yes, clients who currently have access to TD Ameritrade’s AdvisorClient portal, will be able to use their existing credentials to set up their Schwab Alliance account. By logging into AdvisorClient, you will see a countdown to the transition date and button to create your Schwab Alliance account. You will then be able to utilize your existing credentials or create a new user name and password.
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Do I need a Schwab Alliance account?
Client’s are not required to create a Schwab Alliance account, however it is strongly encouraged. This secure client portal will allow you to:
- Access account information and up to 10 years of account documents & statements.
- Securely approve account servicing requests initiated by you.
- Complete simple account updates including address changes or adding beneficiaries and trusted contacts.
- Deposit checks or set up a MoneyLink with outside accounts that you’d like to connect to your Schwab account(s).
If you wish to create a Schwab Alliance account, please visit https://www.advisorclient.com/ to set up your new login ID and password.
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What are the important dates leading up to the transition?
Here is the timeline important milestones during this transition:
- 60 Days Before Labor Day Weekend you start receiving communication and regulatory documents such as account agreements and Schwab cash features from Charles Schwab. No action is needed on your part.
- 28 Days before Labor Day Weekend you will receive instructions on how to set up your new Schwab Alliance web portal.
- August 11, 2023 – Beginning at 3 pm (CT) on this date we will no longer be able to submit new business applications or account servicing requests for clients to TD Ameritrade. This 3-week pause will allow your accounts to be ready to convert over on Labor Day Weekend to the new Schwab portal. Important actions like trading stocks, bonds, mutual funds or ETF’s will be available.
- Friday, September 1 at 7:30 pm (CT): You will temporarily lose visibility of your accounts while they transition from TD Ameritrade to Charles Schwab.
- Tuesday, September 5th at 4:30 am (CT): Your account will come back online to log into the Schwab Alliance Portal and have access to view all of your accounts as usual.
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What if I have questions during the transition?
Feel to reach out to your Atlas team any time. We're happy to help!