When is the TD-Schwab transition going to take place?
For most advisors, the transition is planned for the weekend of Sept 2, 2023.
Do advisors have to do anything in preparation for the transition?
If your TD rep code is already connected to Capitect and working, you will not have to do anything explicitly for the transition. Capitect participated in Schwab’s test run in Feb 2023, and the process we tested did not require any action from the advisor.
Do advisors have to do anything after the transition, like merge duplicate accounts?
No, the process Schwab and Capitect tested in Feb does not create duplicate accounts in Capitect’s system. Instead, we are handling the transition as an account number change.
Will there be any data gaps or loss of history?
No, at a high-level, we will receive data for Fri Sept 1, 2023 from TD then receive data for Tues Sept 5, 2023 from Schwab, so there will not be any data missed (Mon is a market holiday). Since we import the data into our own system, we will not lose any history once TD systems are no longer accessible.
What if we already have a Schwab master account with client accounts?
Schwab will assign a new Schwab master account for each TD rep code, so there should be no impact of having existing Schwab master accounts. Capitect supports connecting many Schwab master accounts to one Capitect firm account.
Will advisors have to submit data access requests for the new Schwab master accounts that get created for the transition?
No, Schwab will give us access to the new Schwab master accounts that get created specifically for the TD-Schwab transition. You will need to submit the normal data access request for any Schwab master accounts you create outside of the transition.
Should advisors transfer client accounts to Schwab before the scheduled transition?
We do not recommend preemptively transferring accounts. In that case, duplicate accounts would get created (old TD account, new Schwab account) and you would have to assign the new Schwab accounts to each household. If you wait until the scheduled transition, you would not have to do those steps.
What if a TD rep code is not connected yet, or an advisor is not a Capitect user?
We strongly recommend that you to connect your TD rep code prior to the transition so we can download your full history of TD files. TD’s systems are expected to be inaccessible shortly after the transition.