Charles Schwab executives addressed the fate of the adviser-favorite TD Ameritrade Holding Corp.’s Veo One platform during the Schwab IMPACT Conference Monday, however, details are scarce regarding which third-party vendors will survive the next 18 to 36 months of integration.
With Schwab offering 160 third-party vendors on its platform and 180 third-party vendors on TD’s platform, the integrations that will survive are the ones that do not overlap, according to Kartik Srinivasan, Charles Schwab senior managing director of third-party integration.
“We have a strong overlap amongst the third-parties that we support,” Srinivasan said. “So any gaps that exist with the third-parties we don’t currently work with, we’re looking to prioritize and bring them over so that the advisers leveraging those tools through the TD Ameritrade integrations are not going to have a negative experience when they move over to Schwab.”
Schwab is looking to close the major critical gaps across each integration offer so that advisers transitioning from TD to Schwab won’t have an issue where they can’t run their business, Srinivasan said.
Additionally, Schwab is “looking closely” at Veo One’s dashboard — AdvisorClient — for its workflow, navigation, and nicknaming of account capabilities, according to Schwab’s head of Digital Advisor Solutions Andrew Salesky.
“Something we’ve heard for years from clients is that they want a simpler way to nickname accounts, something Veo One does that we are planning to bring on,” Salesky said. “Clearly as more clients are starting to use Veo One, now we'll be getting feedback from what they think are third-party integrations that are most valuable — and that'll feed into our planning over the next 18 to 36 months.”
For TD Ameritrade, the firm is still moving a lot of its advisers from its legacy platform over to Veo One, although 80% of TD’s 6,000 advisers are currently using Veo One, according to TD’s Managing Director of Technology Product Management Jon Patullo.
While execs still work out the finer details of integrating both technology platforms into a single tech stack, Schwab is encouraging TD advisers to start onboarding new clients onto the Schwab platform to gain familiarity with its capabilities, Salesky said.
Previously, Schwab has announced TD’s thinkorswim, thinkpipes trading platforms and iRebal will be a part of the combined tech platform post-migration.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
