TD Ameritrade Reps Can Now Advise Clients on Schwab Products

What You Need to Know

As of Feb. 1, all eligible TD Ameritrade licensed professionals were granted dual registration status.
This means TDA sales reps can transition client assets to Schwab accounts and solutions, while keeping their clients, before the integration is complete.
The planned integration of TD Ameritrade into Schwab’s platform is on track to be completed next year.

Although the full integration of TD Ameritrade into Charles Schwab’s platform isn’t expected to be completed until next year, TDA reps can now advise their clients on Schwab products, the company disclosed in a recent winter business update webcast.

“We’ve been embarking on a project we call dual registration, which is allowing us to dual register our Ameritrade sales staff,” according to Jonathan Craig, Schwab managing director and head of investor services and marketing.

“All the regulatory work, all the training, all the supervision is all complete” now under that project, he said.

Effective Feb. 1, “all eligible TD Ameritrade licensed professionals who completed training requirements were granted dual registration status,” Schwab said in a statement provided to ThinkAdvisor.

“What that means is they can talk to their clients about Schwab solutions — but not only talk to them, they can enroll them in the solutions, they can continue to support them and they can get paid on those solutions,” Craig explained.

“If they have a client who wants to bring over assets to Schwab early or maybe wants to be a dual client or maybe wants to bring all their assets over to Schwab early, that financial consultant at Ameritrade can still be the same financial consultant, so the client gets to move early but keep the relationship,” he said.

Also through the dual registration, TDA sales staff have all been trained on Schwab products, solutions and procedures “well in advance of client conversion, which means they will be very well prepared to answer the questions that inevitably their clients are going to have when they do convert,” he said.