Custodian Transition FAQs

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TD Ameritrade to Charles Schwab Transition FAQs

Why is my account moving to Charles Schwab?

In late 2019, Charles Schwab acquired TD Ameritrade and began integrating the two businesses. Over two years into the integration process, TD Ameritrade accounts will officially transition to Charles Schwab accounts over Labor Day weekend. 

What do I need to do?

In most cases, very little. For most clients, no additional paperwork is needed.  

Watch your inbox for up-to-date communications from TD Ameritrade and SBC Wealth Management about the transition process. If you have any questions throughout the process, please reach out to your advisor directly or contact us at

What is the timeline and what can I expect?

TD Ameritrade accounts will officially transition to Charles Schwab over Labor Day weekend. Over that weekend, you may not see your account information when logging in online. This is normal and to be expected due to the system change over the weekend. 

  • Transition period—End of day Friday, September 1, 2023, through Tuesday, September 5, 2023. You will not have access to your TD Ameritrade account nor your Schwab account during this time period. This is a normal part of the transition process. 
  • Transition complete—Tuesday, September 5, 2023 at 5 AM, all transitions complete. You will now have access to your Schwab account (login details below). 

Please watch your inbox for communications from TD Ameritrade about your account. SBC Wealth Management will also be sending reminder messages about the transition process.  

Once your account is fully transitioned, you will be able to access your account at We still recommend using our SBC client portal, My Wealth Track, to access your accounts.

How will this impact my tax forms (1099’s)?

If you take distributions throughout the year (e.g. monthly), you will receive TWO 1099’s for the 2023 calendar year – one from TD Ameritrade and one from Schwab.

How will my fees change?

They won’t. Your fees are not impacted by this transition.

Where can I get more information about this transition? 

You can get more information at 

How will this impact My Wealth Track? 

Nothing will change with the client portal. If you are currently using the portal, you can continue to view your accounts there. 

If you are not currently set up on My Wealth Track and would like to be, please navigate to and click “Create Login.” 

Additionally, you can always reach out to our team for assistance.

How do I set up my online access for my new Schwab account?  

Navigate to and click on the “New User” option under the login fields. You will need your new Schwab account number to setup your account, which you should have received in the mail from Schwab. If you have not received your new account number or need assistance, please reach out to our team and we would be happy to assist.

If I currently receive electronic statements, will I need to re-elect to receive paperless statements at Schwab or will it transfer over?  

Account options currently setup on your TD Ameritrade account, including paperless statement options, will transfer over to Schwab. If you are currently not paperless, and you would like to go paperless, you will have the option to do so after the transition through your Schwab account.

Do I need to set up automatic distributions at Schwab or will they transfer over?  

Existing distributions will automatically transfer to Schwab. 

What will happen to my automatic contributions/deposits that are set up to go to my TD Ameritrade account?  

If you have automatic contributions directed to your TD Ameritrade account from your bank account, those contributions will automatically transfer to Schwab.

If you have any third-party contributions directed to your account—such as a regular pension deposit to your TD Ameritrade account directly from the pension administrator—you will need to contact that third-party contributor and give them updated account information. You have 90 days from the transition period—until December 1, 2023—to ensure all contributions are directed to your new Schwab account. If after 90 days instructions have not been updated to direct to your new Schwab account, the deposit will be rejected. 

If you need any assistance, please reach out to our team. We’re here to help.  

What if I have check writing capabilities or debit cards connected to my TD Ameritrade account?

You should be receiving or have received new checks and/or debit cards in the mail from Schwab to replace your TD Ameritrade checks/debit cards. 

If you haven’t received your new checks or debit card by September 6, 2023, please reach out to our team and we would be happy to assist you further. 

Additionally, if you have written checks that are for future deposit dates after the transition, those checks will be honored up to 90 days—approximately December 1, 2023. 

I currently have one login for my household through the TD Ameritrade login portal. Will Schwab requires us to have separate login accounts—one for myself and one for my spouse?

Each account holder will need their own login account with Schwab. We are looking into ways to create household views of accounts after the transition is complete. Please check back with us after September 6, 2023. 

If you have a household login for My Wealth Track, that will remain the same. If you’d like to set up My Wealth Track to view household accounts, please reach out to our team.

Charles Schwab + Fidelity Dual Custodians FAQs

What is a custodian?

Great question and a great place to start!  

A custodian is a trusted financial institution that holds and safeguards client securities and funds (assets), ensuring their protection and proper handling. They act as a neutral third party, separate from SBC Wealth Management, to maintain the integrity and security of our client’s assets. 

In addition to asset custody, custodians offer a range of services to benefit our firm and our clients, such as trade execution, clearing, and account administration services enabling our clients to access real-time account information, performance reports, and statements. We often refer to them as our “back office”. 

In summary, our custodians serve as trusted partners and third parties for our firm. Remember, they do not direct the investment of client assets. SBC will continue to manage and trade all investments for clients.  

Why is SBC Wealth Management switching to a dual custodian approach? 

Going to a dual custodian model allows us to maximize and leverage the strengths of each custodian to continue to provide personalized financial advice that meets the unique needs of our clients. 

What are the benefits to me? 

Continued Commitment to Exceptional Service: Our dual custodian model allows us to continue to deliver unparalleled client service. This approach ensures that we can continue to provide personalized wealth management solutions while maintaining the highest standards of service and security. Our commitment to excellence remains steadfast as we strive to exceed our clients’ expectations and help them achieve their financial goals. 

Flexibility and ChoiceClients have the option to custody their assets at Charles Schwab or Fidelity. Your advisor will help you select the best fit for your personal situation.  

Regulatory Compliance and Investor Protection: Working with multiple custodians aligns with industry best practices. It demonstrates that the RIA firm has implemented risk management measures, independent custody of client assets, and adherence to fiduciary responsibilities. This further safeguards client interests and ensures compliance with industry regulations. 

Do I need to do anything?

Be on the lookout for communications from SBC regarding next steps. 

If you intend to custody accounts at Charles Schwab, your accounts will transition from TD Ameritrade over Labor Day Weekend. In most cases, no additional paperwork is needed for this to take place. If any paperwork or additional information is required, our SBC Team will reach out to you. 

If you intend to custody accounts at Fidelity, additional paperwork will be required. However, in most cases, the paperwork will be sent electronically, and your accounts should transfer within 1-2 weeks.

Does this new dual custodian approach impact my portfolio or  investment options at SBC?

No. The same investments you’ve held up to this point, will continue to be held at the Schwab or Fidelity level going forward. The access we have to all of the investment options will not change.

It is important to note that the internal structure of SBC is not changing. The way that we manage portfolios will not change. Our Chief Investment Officer, Andrew Fairman, will continue to manage and monitor investments and performance. 

What is the benefit to me to custody my accounts Fidelity over Schwab?

In most cases, there is no benefit to selecting one custodian over another. 

Most often, our clients opt to select one custodian over another if they have existing accounts a custodian or if they have a personal preference for one over the other. 

In specific cases, there are reasons we would recommend a client opt for one custodian over another. If that’s the case, your advisor will be in touch with you. 

If you have further questions, please do not hesitate to reach out to your advisor.

Is there a fee to me if I want to stay with Schwab in 2023 but switch to Fidelity at a later date? 

No. Your management fees will stay the same and we will cover any fees required to transfer custodians (such as account closing fee).

If I want to transition to Fidelity, what do I need to do? 

Reach out to your advisor. Your advisor and our client support team will walk you through the process. We are committed to making this transition as smooth as possible. 

How will this impact my tax forms (1099’s)? 

If you move accounts to Fidelity in the 2023 calendar year, you could receive THREE 1099’s from (1) TD Ameritrade, (1) Charles Schwab and (1) Fidelity.