Charles Schwab Corp. announced late Wednesday that its acquisition of brokerage TD Ameritrade will close next Tuesday, Oct. 6.
The announcement followed the Federal Reserve’s approval Wednesday of Toronto Dominion Bank’s acquisition of an ownership stake in Charles Schwab in compensation for its stake in TD Ameritrade.
Separately, Morgan Stanley announced that its purchase of discount brokerage ETrade Financial Corp. will close Friday, following the Federal Reserve’s approval of the deal.
Schwab said in the statement that it will take 18 to 36 months to integrate TD Ameritrade into Schwab.
“Until then, Schwab and TD Ameritrade will continue to operate as separate broker-dealers, and clients of the two firms can continue to do business with their respective companies as they do today and can expect the same level of great service,” according to the statement. “More information will be made available to Schwab and TD Ameritrade clients once the transaction closes.”
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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
