After speculation of a possible acquisition was the talk last week, today it was confirmed Charles Schwab will purchase TD Ameritrade in an all-stock transaction of approximately $26B. Under the same roof, the megafirm will oversee over $5T in assets, according to MarketWatch.
The acquisition comes on the heels of Schwab eliminating fees, which led to 31% new account growth in October 2019.
As told to the Wall Street Journal, RIA and financial services thoughtleader Michael Kitces has said, “‘The Adviser community is not particularly upbeat about this news.'”
What does the merger mean to you as a financial services professional, if anything?
