TD to Schwab Conversion Tips
Welcome! This page contains many resources to help you better understand some of the operational intricacies involved in the TD Ameritrade to Schwab conversion happing over Labor Day Weekend 2023 (September 2-4).
Disclaimer: I do not work for, nor have I ever worked for, either establishment. I consider myself a subject matter expert in the field of advisor transitions, and I created the following resources to try and help ease the burden of this process for those who seek additional support.
If you’re here because you read my guest post on Michael Kitces’ blog, thank you for visiting. If not, feel free to click on the button below to read the article. If you have any questions or would like to schedule a consultation, reach out directly to me at grier@advisortransitionservices.com.
Resources Mentioned In the Article
The following two resources were mentioned in the article I wrote. I read both documents and created my tips from the content provided in these resources. The documents came directly from Schwab and were provided to all TD Ameritrade advisors.
TD Ameritrade Transition Planning Guide
A 123-page guide that will help you understand the conversion and onboarding process, answer many of your questions, and point you to resources to learn more.
Charles Schwab Advisor Conversion Checklist
A 31-page advisor checklist to prepare you and your team for the upcoming conversion.
Conversion Tips
The following tips were created by me for advisors. I read the TD Ameritrade Transition Planning Guide and the Advisor Conversion Checklist. From the information provided, I was able to identify the subjects I thought deserved the most attention and format the information in an easily digestible format. The tips are a mixture of fact and opinion. Click on the thumbnails to open up descriptive explanations.
Additional Conversion Resources Provided By Schwab
These are additional resources provided by Schwab that were mentioned and linked in the Transition Planning Guide and the Advisor Conversion Checklist. I highly suggest looking through them to determine if any of the subjects apply to your situation.
Conversion FAQs
A 10-page document with frequently asked questions about the conversion.
Schwab Advisor Center User Setup Guide
A 14-page step-by-step guide to help you access Schwab's platform.
Firm Security Administration Guide
A 62-page step-by-step guide to setting up your team and firm on Schwab Advisor Center.
Schwab Advisor Services Integration Matrix
A 2-page matrix showing third-party integration capabilities.
Realized Cost Basis History - Gainskeeper Guide
An 11-page guide for exploring how to access historical realized cost basis information.
Managed Accounts Platform Guide
A 6-page guide intended to help you navigate the initial one-time steps required to start using Managed Account platforms.
Education Action Plan
A 1-page document outlining Schwab's education resources for preparation and training.
Conversion Guide for Direct Integrators
A 29-page guide including specific checklists for converting data files and API/SSO integrations.
Transition Resources
The following are resources you might find useful that are NOT related to the conversion but do involve transitions. I created them to assist advisors in the process of transitioning a book of business. You can also click on the menu to navigate to the Resources page of this website for more, or my Blog for additional articles.
![Protocol Spreadsheet - Template [EXCEL]](https://www.advisortransitionservices.com/wp-content/uploads/edd/2022/05/Protocol-Spreadsheet-Template-EXCEL.jpg)
Broker Protocol Spreadsheet Template (EXCEL)
This is an Excel starter template for advisors to use when exiting a Protocol firm. Please speak with an attorney before assuming this document is appropriate for your situation.
![Non-Protocol Contact Info Data Collection - Template [EXCEL]](https://www.advisortransitionservices.com/wp-content/uploads/edd/2023/05/Non-Protocol-Contact-Info-Data-Collection-Template-EXCEL-1.png)
Non-Protocol Contact Info Gathering Template (EXCEL)
This is an Excel starter template created to assist in the process of gathering client contact information from public sources during a non-protocol transition.
![Master Spreadsheet - Template [EXCEL]](https://www.advisortransitionservices.com/wp-content/uploads/edd/2022/05/Master-Spreadsheet-Template-EXCEL.jpg)
Master Spreadsheet Template (EXCEL)
This is an Excel spreadsheet template that can be used to build out a master tracking spreadsheet for your transition. It can be conditionally formatted to change colors based on certain criteria.
![Client FAQs - Frequently Asked Transition Questions [PDF]](https://www.advisortransitionservices.com/wp-content/uploads/edd/2022/05/Client-FAQs-Frequently-Asked-Transition-Questions-PDF.jpg)
Client Frequently Asked Transition Questions (PDF)
This is a list of sample questions clients may ask advisors during a transition. They are examples based on real questions clients have asked during transitions in the past.
Articles You Might Like
Broker Protocol: Information Tips & Tricks
This article breaks down the specifics of the Broker Protocol and includes tips and tricks for how to gather and format Protocol data for success during the pre-transition preparation process.
5 Common Transition Pitfalls and How to Avoid Them
This article mentions a few common transition pitfalls and how to avoid them, and it also lists the 5 major roles that team members should be playing during the transition process.
How to Communicate With Clients During a Transition
This is the article I mentioned about client communications and what things you should be considering when having those initial conversations with clients during a transition.
Raymond James vs Charles Schwab: An RIA Model Comparison
This article breaks down the differences between Raymond James and Charles Schwab as custodians for RIAs. The comparison is focused on operations and the transition process.
The Key to a Successful Transition is Asking the Right Questions
This article is a great resource for what questions you should be asking of all the parties involved in the transition process. From your contract attorney to the custodian's internal transition team.
The Top 5 Action Steps to Transition Effectively in a COVID World
The title of this article may not stay relevant for very long, but the content within the article will. COVID changed the way we do things and those changes are here to stay.
Additional Options
Read additional articles I've written for advisors in transition
Browse some of the other resources I've provided for advisors in transition
Join my mailing list - I only send updates when new articles are posted or new resources are added
Contact me directly for a free, confidential conversation
Read some of the articles I wrote for a column in AdvisorHub Magazine
Listen to an episode of the "Mindy Diamond on Independence Podcast" that I was interviewed for