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Mega news this week is prospective merger of Schwab & Ameritrade. Getting a lot of questions, so wanted to share thoughts on what #Schwabitrade may mean for advisor community & from advisor's perspective...
Charles Schwab Holds Talks to Buy TD Ameritrade on.wsj.com/35mZF0v
Charles Schwab Holds Talks to Buy TD Ameritrade on.wsj.com/35mZF0v
Schwab was/is already the #1 player in the RIA custody space, having effectively created the independent RIA platform by launching Schwab Advisor Services in 1993. TD Ameritrade was their longest standing competitor, but much smaller (relatively speaking) in the RIA channel.
RIA custodians hold their cards close to their vest, but the estimate is that Schwab serves 7,000+ RIAs while TD Ameritrade serves about 6,000 of them. However, Schwab has almost $2T in RIA assets compared to TD's ~$600M.
