By now you have probably heard that the custodian for our advisory accounts at PSI, TD Ameritrade Institutional, has undergone a business combination with Charles Schwab. While the legal combination was announced over a year ago, the process of combining the operations of TD & Schwab has been lengthy. In anticipation of the final merger of all operations between TD & Schwab, we are reaching out pro-actively to let you know what to expect.
First, let me say that at PSI we are excited for the transition and believe the end result will be an industry leading brokerage solution better able to serve both PSI and the needs of our advisory clients.
When all is said and done, Schwab will be the continuing entity, meaning that all of the TD Ameritrade Institutional advisory accounts with PSI will move over under the Schwab banner. The movement of client accounts from TD to Schwab is scheduled to occur over Labor Day weekend 2023.
By now you should have received communication from TD referencing the merger, depending on the characteristics of your accounts with TD/PSI. Please keep the following in mind:
At PSI we will do everything we can to keep you informed of the coming transition, and you are welcome to call at any time if you have questions or concerns.
We will be training our advisors and Client Service Team (CST) on the Schwab platform over the coming months to ensure a smooth transition and minimize service interruption.
Your accounts will move automatically, no new or additional paperwork will be required.
Supplemental account features such as move money instructions, external ACH capabilities to send funds to and from bank accounts, internal transfer authorizations, beneficiary designations, reinvestment elections, and option/margin settings will remain active.
Account history and documentation will be preserved and migrated, including:
- 4 years of account history (for online viewing)
- 10 years of statements
- 7 years of tax documents
- 2 years of trade confirmations
- All cost basis lot information
If you are set up for AdvisorClient web access, you will be automatically enrolled in Schwab’s online account viewing system – Schwab Alliance.
If you are not enrolled in AdvisorClient, but would like to be, simply contact our office at the information below and we can get you started.
If you have any questions, don’t hesitate to contact PSI’s office at the number below. As always, we appreciate your continued trust and confidence in PSI Capital Management, and we look forward to helping you through this transition.
