Schwab Transition FAQs

The Schwab / TD Ameritrade merger conversion is expected to take place Labor Day weekend.

There are some things you will need to reestablish or review after your account is ready at Schwab.

• Because you will have a new account number, you will need to update direct deposits or payments (such as paychecks, Social Security checks, or other payments sent directly to your TD Ameritrade account) that you set up directly on a third-party platform like your bank.
• A change like this provides a great opportunity to review and update account linking or access you have granted to third parties, such as your accountant or attorney. Please review your account(s) and make sure the right people have access to your account(s).
• You will no longer have access to the Charts section or Message Center so, if you’re an active user of these features, please print them out for future reference.

Your Advisor can help you make these changes.

Your investments, cash balances, preferences, and account information will transition seamlessly to Schwab over the transition weekend. 

This includes: 

• Bank and wire connections used within the past three years 
• Authorizations you granted your advisor 
• Beneficiaries
• Trusted contacts 
• Dividend reinvestment plan (DRIP) instructions 
• Realized gains and losses 
• Transaction history 
• Statements, confirmations, and tax forms 
• Watchlists 

TD Ameritrade will automatically schedule your account to move to Schwab, but to access it afterward, you must create a Schwab login.

We encourage you to log into your TD Ameritrade account to confirm that your current contact information, mailing/physical address, and beneficiaries are accurate to help ensure we have the most up-to-date information on file. 

Yes, TD Ameritrade will transition 10 years of history to Schwab. You will be able to access the following directly on Schwab Alliance: 

• 4 years of account history 
• 10 years of account statements 
• 7 years of tax documents 
• 2 years of trade confirmations

Your Advisor will also have access to this information.

If you have your own open orders or you’re working with your Highland Investment Advisor on any good-til-canceled or good-til-date equity and options orders, they will need to be resubmitted.

Yes. Your RMD history will be available to you on statements. You can access 10 years of TD Ameritrade statements on Schwab Alliance.

Your Advisor will also have access to this information.

Yes. Post-transition, unrealized gain/loss history will be integrated into Schwab, and you will have access to the existing cost-basis calculator.

Your Advisor will also have access to this information.

If you use Advisor Client, it will be a very similar experience. You will be able to view balances, positions, and distributions; manage contacts and paperless preferences; access statements and other important documents; deposit checks; and more.

• If you already have Advisor Client credentials, you will be given the option to retain them.
• If you don’t already have Advisor Client credentials, you can do that now.
• If you choose not to do that, you will be able to set up your Schwab Alliance credentials about four weeks prior to the transition. 

No, at Schwab, anyone who is listed on the account by name must have their own Login ID and password for the account.  

This means anyone listed on the account should create their own unique credentials instead of using a shared Login ID and password.  

To make the transition easier and avoid any disruption in accessing your account(s), we suggest you set up unique credentials now. You can go to Advisor Client to set up credentials.

Yes. To download, visit the app store on your Android™ or Apple® device and search for Schwab Mobile.

Yes. To download, visit the app store on your Android™ or Apple® device and search for Schwab Mobile. Schwab will automatically bundle your statements for matching account owners with identical tax IDs and have the same statement format. If you were previously enrolled in any other statement bundling to streamline your paper statements, you will need to re-enroll after the transition. 

You may enroll in eDelivery prior to the transition by going to AdvisorClient. Log in and go to My Profile and select Communications Preferences. From there, you can make changes to your account(s).

Once you establish your credentials on AdvisorClient.com and enroll in electronic statements, your paperless preferences will transition to Schwab. 

Yes. You will be able to access 10 years of TD Ameritrade account statements by logging into Schwab and going to Accounts > Statements and selecting Statements under Document Type.  

• One from TD Ameritrade shows a $0 balance because your positions and cash will have moved to Schwab  
• One from Schwab displays the full account balance of your moved account  
• If there is any residual activity in your TD Ameritrade account, such as dividend or interest payments, you may continue to receive two statements for several months  

Yes, you will get a 1099 from TD Ameritrade for all account data prior to the transition and another one from Schwab for all account data after the transition.

Yes. We will transition 10 years of account history and seven years of tax documents to Schwab. You will be able to access this information on Schwab Alliance.

Your Advisor will also have access to this information.

Tax withholding elections (TWE) are the amount of federal and state taxes that you request to be deducted from your distribution to meet your tax obligations. 

At transition, your TWE instructions will be converted to the minimum for Fed and State if your account has standing outgoing instructions or outgoing, future-dated requests on file. 

All other TWE instructions will be converted to zero for Fed and State. 

After the transition, you or your advisor (if you have granted them authority) can update your TWE preferences.

After your TD Ameritrade account transfers to Schwab, you’ll be able to import your Schwab 1099 Composite data, in addition to your TD Ameritrade data, directly into Turbo Tax®, TaxAct®, or H&R Block® tax preparation software.

If you’ll be using tax preparation software, you’ll need to give your software provider access to your Schwab account to directly import your 1099 data.

TD Ameritrade & Schwab’s security procedures are designed, tested, and implemented to ensure the safety of your account, personal information, and financial assets. This remains a priority at both firms, now and through your account transition.

TD Ameritrade & Schwab’s security procedures are designed, tested, and implemented to To further ensure a more secure online experience, go to SchwabSafe.

If you suspect you are a victim of fraud, please contact Highland Investment Advisors at 414-755-2309 and Charles Schwab immediately at 888-3-SCHWAB.