Client Update from Abacus

Transition from
TD to Schwab

As you may know, in 2019 Charles Schwab acquired TD Ameritrade. What resulted has been a lengthy merger of two large companies comprised of many moving parts. At Abacus, while many of our clients' accounts are custodied with TD Ameritrade, we also have a strong client presence with Schwab.

This merger prompted us to do a long, due diligence vetting for potential new custodians. As fiduciaries, we didn’t want to simply “accept” this next step without understanding the landscape and other options available. 

After much deliberation and an in-depth review of our alternatives, our team selected Charles Schwab as the proper custodian for Abacus clients. Not only is Schwab able to keep fees low, they have excellent client and customer service teams, and have demonstrated a level of competence, security, and expertise we demand for you, our clients.

We are now nearing the final stages of transitioning your TD accounts over to Schwab, with the final date for account transfers being September 1, 2023.

There is nothing you need to do at this time. 

The Abacus Client Service and Trading Teams are handling all logistics directly with Schwab to ensure a smooth transition of your accounts. Your custodian fees are not changing at this time, however, you will receive new account numbers and new login instructions as we approach the September 1st transition date.

You can expect additional communication from both Abacus and Schwab at the beginning of August. In the meantime, please let us know if you have any questions.