As many of you are aware, Charles Schwab acquired TD Ameritrade Institutional in November 2019. Over the last 3+years, the two companies have been behind the scenes in preparation for a full client transition scheduled to be completed over the 2023 Labor Day Weekend.
Please rest assured that this transition will have no impact on Hillspring Financial, Inc.’s management of your accounts. Your accounts will be assigned a new account number (you should have received a key information packet from Charles Schwab this month with that information) and online account access will be through Charles Schwab Alliance beginning September 5, 2023.
What you can do now, in preparation for the transition, is log in to your TD Ameritrade accounts via the AdvisorClient site to ensure your contact information and delivery preference for statements and trade confirmations is correct. When you login to AdvisorClient, you will see a banner with a countdown to the Charles Schwab transition and a link to create your Charles Schwab login (instructions attached). The Charles Schwab Alliance portal will be limited to a list of your TD Ameritrade accounts until the transition is completed on Tuesday, September 5, 2023. TD Ameritrade AdvisorClient will be active through September 1, 2023, for access to account transaction details, statements, etc.
Standing instructions on your TD Ameritrade accounts, including checking/debit features, will remain active on your Charles Schwab accounts. Charles Schwab has begun mailing out checks and debit cards to applicable account holders and this is scheduled to continue through the week of September 18th. Please do not be alarmed if you have not yet received. TD Bank will continue to honor checks written against your TD Ameritrade accounts through the month of September, but best practice will be to discontinue use of your TD Ameritrade checkbook effective September 1, 2023. TD Ameritrade debit cards will be deactivated September 5, 2023, so please plan accordingly.
Additional information regarding this transition is available online at welcome.schwab.com and you can always contact our office with any questions or concerns.
We look forward to this transition and our continued relationship with each of you.
Kent G Forsey, CFP®
Alan D Cox, MBA