TD Ameritrade / Schwab

[redraptor]

I got a letter the other day stating my TDA institutional account will be moving to Schwab. It also states there will be wrap biling or wrap fees associated with this account.
Is this a good thing or bad thing? I know almost everthing has some sort of managing fee but it sounds to me like I'll be paying my advisor and Schwab depending on what I do with my account.
My advisor I believe retired since the pandemic and handed me over to his partner. I've not spoken to this man yet but plan on it soon.
Has anyone else recieved this notice?

 

[Venturer]

I got the letter earlier this year & another one in July informing me that my move would be on Sept.7th. I decided to save them the trouble and just moved mine over to Fidelity. I called my guy at Fid. told him what I wanted to do and it was a painless move. Now all my stuff is in one place so no more waiting for waiting for differant places to send tax info after this year,simplicity will be great.

 

[HenryD]

My TDA account (not institutional) is getting transitioned on Sept 1. All I have seen is that fees will be effectively the same. I haven't paid a ton of attention because I just have bonds and CDs in that account. I'm a former Schwab customer so I didn't have to create a new login.

 

[PatrickA5]

My TD account with a balance of 1 cent got transitioned May 1st. For years I tried to get TD to close the account and send me my penny (or they could keep it). The request was always ignored.

So, I have a Schwab account now. I thought I'd change the ownership from individual to joint and play around with the new Schwab account, but for some reason the online process didn't work and they want me to call and go through the process over the phone on what to send them. Being lazy, I haven't called them back yet. I'll probably just call them and see if they will actually close the account (unlike TD).

 

[yhoomajor]

My TDA accounts were transitioned to Schwab in June. I see no difference (other than Schwab's new UI interface).

 

[Kings over Queens]

Same here.

Actually, one thing happened that felt odd.

I closed out my position is DIS and the same day purchased the money market fund (forget the ticker). End of month there was a charge for $19.50 for margin interest.

A phone call got it explained and reversed, but I don't ever remember not being able to sell and buy a stock on the same day, and it would seem that now I have to wait trade plus 2 days for stocks and trade plus 1 day for mutual funds.

i'm not an active trader, but it does put me off a bit.

 

[redraptor]

i'm not an active trader, but it does put me off a bit.

Thanks everyone for your responces. I'm not an active investor either. Reading some of the statements I get are confusing. Educating myself in things I feel strongly about seems easy except for this financial realm. Some of the people on this forum speak a COMPLETELY different language.
Perhaps when my full time job and focus is watching our money I'll improve.