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May 10, 2024 at 03:35 PM
TD Ameritrade platforms will no longer be accessible after market hours Friday as Charles Schwab & Co. starts shifting the last group of Ameritrade client accounts to its own investing platforms.
“This weekend, about 1.8M client accounts will move from TD Ameritrade to Schwab, including some of our most complex trader accounts as well as a number of retail and international accounts,” Schwab spokewoman Margaret Farrell told ThinkAdvisor by email Friday.
“The TD Ameritrade website and all branding will be drawn down soon after this weekend’s conversion,” Farrell said.
Several months ago, Schwab started communicating with the clients transitioning this weekend to ensure they have the information they need and know how to reach the financial giant with any questions, she said.
After this weekend, Schwab will have moved approximately 17 million accounts and about $1.8 trillion to $1.9 trillion in assets to Schwab from TD Ameritrade over the course of the integration, according to Farrell.
“To-date, we have comfortably outperformed our expectations for client attrition, and we are seeing strong momentum with converted Ameritrade clients who are engaging in the spectrum of services and capabilities available to them at Schwab, including retail trading platforms and advisory services and wealth management.”
