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As some of you may know, in 2020 TD Ameritrade was acquired by Charles Schwab. They have been operating mostly separately since then and are now in the final stages of combining their businesses. If you have an account at TD Ameritrade, no action is necessary—your account will automatically and securely transition to Schwab at no cost to you, on or about Tuesday, September 5, 2023. On that date, Schwab will become the custodian of your account. Your relationship with Tobias Financial Advisors will not change. 

Below is a list of FAQs that you can use as a reference to help clarify the process and ensure that you have access to your account information after the transition. If you have any questions about this change, please contact us. We will be happy to answer any questions that you may have and work with you to make this transition as seamless as possible.

About the transition

Do I need to do anything to have my account(s) moved to Schwab?

Your accounts will automatically move to Schwab, but to access it afterward, you must have a Schwab login.

We will send a letter with details about how to set up your Schwab Login ID and password and other important information about one month before your transition date. If you already have a Schwab account, you will skip this step and use your existing login.

In addition, to ensure we have the most up-to-date information on file, we encourage you to confirm that your contact information, mailing/physical address, and beneficiaries are accurate.

What happens if I have an existing Schwab account?

You should continue doing what you do today with your Schwab account and your TD Ameritrade Institutional account. Your relationship with Tobias Financial Advisors remains the same.

About 28 days before your transition date, you will receive a notice with important information about your TD Ameritrade Institutional account that is transferring to Schwab.

After your account transitions to Schwab, it will appear on the Accounts Summary page with your other Schwab account(s). Use your existing Schwab Login ID and password to access your Schwab accounts across Schwab platforms.

Will I get a new account number?

Yes. Schwab will automatically transition your TD Ameritrade Institutional account to a Schwab account, and you will receive a new eight-digit Schwab account number to replace each TD Ameritrade nine-digit account number.

You’ll also receive a package in the mail or an email with important account information prior to your transition weekend. Please watch out for it.

You’ll see your new account number when you log into Schwab Alliance after your account transitions.

Note that if you’ve provided your TD Ameritrade Institutional account number to an employer, bank, or other third party for the purpose of moving money in and out of your account, you’ll need to re-establish those instructions with your new Schwab account number after your account transition is complete.

Who can I call for answers to questions about the transition and my TD Ameritrade account?

Please contact our office at (954)424-1660 to speak with your advisory team.

Will I be able to access my TD Ameritrade Institutional account over transition weekend?

No. Access to your TD Ameritrade Institutional account will no longer be available starting at 8:30 p.m. ET on Friday September 1st (before your transition weekend). During this time, you will not be able to log in to AdvisorClient.com or Schwab.com and will not be able to see your account.

Starting at 5 a.m. ET on September 5th (the day your transition is complete) you can log in to the Schwab Alliance client portal to access your account.

There are some steps you can take before the transition to improve your experience at Schwab. We encourage you to confirm that your profile information and beneficiaries are up to date and to set up your paperless preference in advance of the transition. If you ever need to make any updates to your profile or change your mind about your paperless preference, you will be able to make changes after the transition.

Will my watch lists transfer?

Yes. If you have watch lists set up on AdvisorClient, they will transfer with your account to Schwab.

How will my personal data be protected through the transition to Schwab?

Schwab’s security procedures are designed, tested, and implemented to ensure the safety of your account, personal information, and financial assets. This remains a priority now and through your account transition.

We want you to have the highest level of confidence when you do business with Schwab. Learn more about Schwab’s Security Guarantee.

Account history and documents

Will my account history, documents, and statements be available at Schwab?

Yes, you will be able to access the following directly on Schwab Alliance:

• 4 years of account history
• 10 years of account statements
• 7 years of tax documents (1)
• 2 years of trade confirmations (1)

Your advisor will also have access to this information.

Will my cost basis come over during the transition?

Yes. Post-transition, unrealized gain/loss history will be integrated into Schwab, and you will have access to the existing cost-basis calculator. Your advisor will also have access to this information.

In addition, you will still have access to GainsKeeper via Schwab Alliance where you will be able to see your realized gain/loss history.

When will I receive my last statement from TD Ameritrade?

You will receive two statements following your transition—one will reflect your TD Ameritrade account (which will show a zero balance and no positions) and one will reflect your new account with Schwab with all your positions and balances.

You may continue to receive a TD Ameritrade statement over the next few months if there is any residual activity in your TD Ameritrade account, such as dividend or interest payments.

Will my Required Minimum Distribution (RMD) history be available?

Yes. Your RMD history will be available to you on your statements. You can access 10 years of TD Ameritrade statements on Schwab Alliance.

Your advisor will also have access to this information.

Account preferences and settings

Will my paperless (eDelivery) preference come over?

Yes. Your preference for paperless delivery will remain.

If you’re not currently receiving electronic statements and would like to, you can update your preference prior to the transition on AdvisorClient.

If you change your mind about your paperless preference, you will be able to make changes on Schwab Alliance after the transition.

What account information, features, and settings will move to Schwab?

Your investments, cash balances, preferences, and account information will transition seamlessly to Schwab over your transition weekend.

This includes:

• Bank ACH and wire connections set up at TD Ameritrade and used within the past three years
• Automatic payments set up at TD Ameritrade, including ACH transfers, wires, and third-party checks
• Authorizations you granted your Advisor
• Beneficiaries
• Trusted contacts
• Dividend reinvestment plan (DRIP) instructions (2)
• Margin, portfolio margin, and options futures
• Realized gains and losses
• Transaction history
• Statements, confirmations, and tax forms
• Watch lists

1Dividend reinvestment settings for eligible securities you already own will transition to Schwab. However, new purchases will not be automatically set for dividend reinvestment at Schwab. You must enroll new positions individually.

Dividend reinvestment is not available at Schwab on foreign stocks. American Depositary Receipt (ADR) securities will no longer be enrolled in dividend reinvestment. Dividends on ADR securities will be distributed as cash.

Which of my account settings or features is not moving to Schwab?

Because you will have a new account number, you must update direct deposits or payments (such as paychecks, Social Security checks, or other payments) currently sent directly to your TD Ameritrade account.

In addition, charts you’ve created in the Charts section and messages in the Message Center will not move to Schwab. If you’re an active user of these features, please print them for future reference.

Finally, a change like this provides a good opportunity to review and update account linking or access you have granted to third parties, such as your accountant or attorney. Please review your account(s) and make sure the right people have access to them.

Do I need to update or reauthorize the actions I’ve approved my advisor to make on my behalf?

Any standing letters of authorization (SLOAs) that you have in place with your advisor to reuse the same instructions when taking specific actions on your behalf—like making online cash transfers or domestic wire transfers—will transfer to your Schwab account.

Cash management

Do I need to update my direct deposits and auto payments?

It will depend on how you set up the direct deposit or automatic payment.

If you or your advisor initiated or set up automatic payments at TD Ameritrade, we will transfer those instructions to Schwab. This includes ACH transfers, wires, and third-party checks.

If you provided your TD Ameritrade Institutional account number(s) to an employer, bank, or other third party for the purpose of moving money in or out of your account, you’ll need to re-establish those instructions with your new Schwab account number(s) after your account transition is complete.

Examples:

• If you set up direct deposit instructions with Bank A to have your Social Security or payroll check deposited to your TD Ameritrade account, you will have to update your instructions with Bank A to include your new Schwab account number to ensure that your check is deposited into your new Schwab account.
• If you set up automated payments on a third-party platform with instructions to bill the debit card associated with your TD Ameritrade account, you will need to update the instructions on the platform where you set up the payment with your new account number.

Will I need to re-establish direct deposits to my Schwab account?

Yes. Once your account transitions to Schwab, you will need to update direct deposits initiated at third-party financial institutions with your new Schwab account number.

Can I still use a debit card with my TD Ameritrade brokerage account?

You can continue to use a TD Ameritrade-issued debit card until the day before your account is scheduled to transition to Schwab.

Once your account transitions to Schwab, you should begin to use the debit card issued to you by Schwab.

Account access

Do I need a new user ID and password to access my account once it transfers to Schwab?

You will need a Schwab Login ID and password to access your account at Schwab.

You may be able to retain your AdvisorClient.com user ID and password to access Schwab Alliance. If your AdvisorClient user ID meets Schwab standards and the ID has not been selected by another user, you will be given the option to select the same ID for your Schwab credentials. If you already have a Schwab account, you can use your existing Schwab Login ID and password to access Schwab Alliance.

After you’ve created your Schwab login, you can log in to test your credentials. If you do this before the transition, you will be directed to a success page. After your account transitions, you’ll be automatically directed to a first login page with disclosures that apply to your Schwab account and information about your paperless preferences. Then you will see a summary of all your Schwab account(s).

This all-in-one view of your Schwab accounts is only for you and anyone to whom you have granted access to view your accounts.

I have accounts at Schwab. Will I need a different Schwab Login ID and password for the accounts my advisor manages?

No. At Schwab, you can view all your accounts together in one place. Schwab automatically groups accounts with the same owner together, and they can be accessed under one Login ID.

After the transition, you will be able to access accounts managed by your advisor and accounts you manage on your own with one login.

Remember that Schwab requires a unique Login ID and password for anyone authorized on the account. Also, this is a good time to review and update access you’ve granted to third parties to make sure the right people have access to your account(s).

Can I grant third-party access to my account?

Yes. You can grant access to third parties to view your account through a setting in Schwab Alliance.

If you previously set up third-party View Only access on AdvisorClient, these instructions will not automatically move to Schwab. Examples include access granted to your accountant or attorney. After transition, Tobias Financial Advisors will work with you so that you can easily re-establish third-party access on Schwab Alliance.

When can I set up my new credentials at Schwab?

You will be able to set up your Schwab Login ID and password about four weeks prior to the transition. Look for instructions on AdvisorClient.

You may be able to retain your AdvisorClient user ID and password to access Schwab Alliance. If your AdvisorClient user ID meets Schwab standards and the ID has not been selected by another user, you will be given the option to select the same ID for your Schwab credentials.

If you already have a Schwab account, you can use your existing Schwab Login ID and password to access Schwab Alliance. 

I share an account with my spouse, a family member or someone else. Do we all need to set up new credentials to view the account at Schwab?

Yes. Every authorized person on your account will need a Schwab Login ID and password. Remember that each person authorized on your account will need a unique Schwab Login ID and password. Make sure that any person on your account establishes Schwab credentials.

What can I expect the first time I log in at Schwab?

When your TD Ameritrade Institutional account transitions to Schwab, you will log into Schwab Alliance to access your account.

Schwab Alliance is very similar to AdvisorClient. You will be able to view balances, positions, and distributions; manage contacts and paperless preferences; access statements and other important documents; deposit checks; and more, while knowing that there are security protections in place to keep your information and assets safe.

What’s more, you will have an all-in-one view of your Schwab accounts, control over who has View Only access, and the ability to easily approve transactions initiated by your advisor using eAuthorization.

Schwab Alliance is also available as a mobile app. To download, visit the app store on your Android or Apple device and search for Schwab Mobile. Use the same Schwab Login ID and password you use online.

To help you get familiar with the Schwab Alliance before your account transition, read this guide or check out our Schwab Alliance site.

Is there a Schwab Alliance mobile app?

Yes. To download, visit the app store on your Android or Apple device and search for Schwab Mobile. Use the same Schwab Login ID and password you use online.

Statements

Will my statements continue to be bundled?

If you were previously enrolled in statement bundling (householding) to streamline your paper statements, you will need to reenroll after the transition.

A more secure way to receive and streamline your statements is to enroll in eDelivery. You may enroll in eDelivery from AdvisorClient prior to the transition. Go to My Profile and select Communication Preferences. From, there, you can enroll in electronic statements. After you enroll, your paperless preference will transition to Schwab.

Will my past statements be viewable at Schwab?

Yes. You will be able to access 10 years of TD Ameritrade account statements online at Schwab.

Please note that in the month after your account has transitioned to Schwab, you will receive two statements:

• One from TD Ameritrade showing a $0 balance because your positions and cash will have moved to Schwab
• One from Schwab displaying the full account balance of your moved account 
• If there is any residual activity in your TD Ameritrade account, such as dividend or interest payments, you may continue to receive a TD Ameritrade statement for several months

These statements will be delivered based on your preferred method of delivery, either paper or electronically. 

Tax

What tax documents will I receive for the year my account transitions?

If you have activity in your account at both TD Ameritrade and Schwab, you will receive two sets of tax documents for tax year 2023, one set from TD Ameritrade and one set from Schwab.

If you have a retirement account, you will receive a 1099R for distributions and you may receive a Form 5498, depending on when you contributed to your account.

Will I be able to access my past TD Ameritrade tax documents?

Yes. We will transition 10 years of account history and 7 years of tax documents to Schwab. You will be able to access this information on Schwab Alliance (3). Your advisor will also have access to this information.

(1) Up to 10 years of tax documents and trade confirmations may be requested from your advisor.
(2) Dividend reinvestment settings for eligible securities you already own will transition to Schwab. However, new purchases will not be automatically set for dividend reinvestment at Schwab. You must enroll new positions individually.
Dividend reinvestment is not available at Schwab on foreign stocks. American Depositary Receipt (ADR) securities will no longer be enrolled in dividend reinvestment. Dividends on ADR securities will be distributed as cash.
(3) Up to 10 years of tax documents and trade confirmations may be requested from your advisor.