Client Access  |  Careers & Advisory Teams
July 14, 2023

Updates on Account Transition to Charles Schwab & Co.

Client Experience Team

With the merging of TD Ameritrade and Schwab over Labor Day weekend getting closer, our goal is to continue to keep you informed on what to expect as we help prepare for your accounts to move to Schwab.

On or about August 1, 2023, you will receive a “Key Information Packet” from Schwab for each account you have at TD Ameritrade.  The packet will be sent via the U.S. Postal Service because it will be the official notification of your new eight-digit Schwab account number.

Also included in the packet will be an overview of the transition timeline as well as general information regarding account features.  In the coming weeks if any of your account features require you to take action prior to moving to Schwab, your JNBA Advisory Team will contact you directly.  Additionally:

Online Account Access

For those who currently access their JNBA accounts via TD Ameritrade’s AdvisorClient.com, the Key Information Packet will provide details on how to create a Schwab Alliance Login ID and password.  By having established your Schwab Alliance credentials prior to the conversion date, you will be able to see your account information on the Schwab platform as soon as your account(s) transfer in September.  Please know that you are not required to set up online access on Schwab Alliance and, if preferred, business can be done via paper and U.S. Mail.

Bank Links & Direct Deposits

Any bank links and recurring payments previously established via TD Ameritrade account paperwork and facilitated by JNBA will transfer to your Schwab account(s) with no action needed by you.

  • For those who currently have a standing link established between your JNBA account(s) and a bank account, these instructions will automatically transfer to your Schwab account.
  • For those who currently have recurring distributions or deposits established between your JNBA account(s) and your bank account(s), these payments will also transfer to Schwab automatically and continue as they have been.

If you have previously established a deposit directly with a third party which is initiated by the third party (for example, a direct transfer from your payroll for deposit into your JNBA account), these instructions will need to be updated following the conversion given the change to your Schwab account number. Your JNBA Advisory Team will be reaching out to you directly after the conversion if you are impacted so that we can help work with you and the third party to update the direct deposit instructions on file.

If you have any questions regarding the transition to Schwab or information provided in the upcoming “Key Information Packet”, please do not hesitate to contact your JNBA Advisory Team.

Important Communication and Cybersecurity Reminders

Sometimes, scammers try to take advantage of high-profile conversions like the TD Ameritrade and Charles Schwab & Co. merger and send legitimate-looking emails, texts, and social media messages to trick recipients into sharing sensitive personal or financial information. Keeping cybersecurity in the forefront with the additional information you are receiving during this transition onto the Schwab platform, it is important to remember the following:

  • During this conversion period, communications will come through one of these registered Schwab or TD Ameritrade-owned domains ([email protected][email protected]).
  • Should there be any actions that need to be taken specific to your accounts, a JNBA team member familiar with you and your situation will contact you directly and make any specific requests needed.
    • Neither Schwab nor TD Ameritrade will ask you for copies of drivers’ licenses or other identification.
    • Neither Schwab nor TD Ameritrade will call you during this transition process.
  • Do not enter your username and password on any web page that you’ve reached by clicking a link in an email or by copying and pasting an address into your browser. Instead, type the trusted website address directly into your browser and log into your account as usual.
  • Please do not ever hesitate to contact your JNBA Advisory Team if something does not seem right, or you simply want to confirm a request.

These materials have been independently produced by JNBA Financial Advisors (“JNBA”), JNBA is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of it affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC, Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. JNBA provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors.

Please see important disclosure information at jnba.com/disclosure

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