Schwab Statement on Ameritrade Client Transition Timeline
October 27, 2022
The Charles Schwab Corporation today provided an update on the timeline for transitioning Ameritrade accounts to Schwab. The company remains on track to transition the vast majority of accounts to Schwab in 2023. Groups of accounts will transition in phases to ensure the best client experience.
Retail Brokerage and Trading Accounts
- The retail client transition process is anticipated to begin with a relatively small number of client accounts in February 2023, over President’s Day weekend. We will start with this smaller group to ensure the best client experience. We will then migrate larger numbers of client accounts in three subsequent transition groups over the course of 2023: Memorial Day weekend, Labor Day weekend, and a weekend in early November – all scheduled to avoid investing and trading disruptions.
- We will also transition one small group of client accounts in the first part of 2024. This final group represents around 2% of the accounts moving over from Ameritrade, or less than 1% of the combined Schwab account base.
- For now, there’s nothing Ameritrade retail clients need to do. Clients will be notified at least three months in advance of their transition date to ensure the move is as smooth and as seamless as possible.
Advisors and End-Client Accounts
- We plan to move registered independent advisors (RIAs) and their clients’ accounts during the Labor Day weekend transition group, in September 2023.
- We are committed to supporting advisors every step of the way with robust training and support systems. Advisors will receive regular communications with details on how to plan and prepare their firms and clients for transition.
Delivering a smooth, supportive client transition experience is our top priority. In that light, all of the platforms we’ve announced as remaining part of our combined offering -- including iRebal®, thinkorswim®, and thinkpipes® -- will become available on the Schwab side as account conversion proceeds during 2023.
We are honored to bring Ameritrade clients to the Schwab platform. As one firm, Schwab is in a position to offer our clients a broader range of options that meet their personal investment, trading, wealth management, and retirement needs, all backed by leading trading and custodial platforms.
We are extremely proud of what we’re building. But we also know that any change brings uncertainty. So, we are working hard to make sure the process remains as smooth as possible for our clients and stand ready to help at each step of the way.
For more information on the transition of Ameritrade accounts to Schwab, visit welcome.schwab.com/