Questions About Moving Your Account to Schwab

    When is the Transition Weekend?

    The Schwab / TD Ameritrade merger conversion is expected to take place Labor Day weekend, September 1st- September 5th.

    When my account(s) to Schwab, what is moving over?

    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 
    Do I need to do anything to have my account(s) moved to Schwab?

    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. 

    Will my account history, documents, and statements be available at Schwab?

    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.

    What happens to my open orders?

    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.

    Will my Required Minimum Distribution (RMD) history be available?

    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.

    Will my cost basis come over during the transition?

    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.

    Questions about Schwab Alliance (Online portal)

    What can I expect when I log in at Schwab?

    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.

    When can I set up my new credentials at Schwab?
    • 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. 
    I share my login with someone else on my account. Will I still be able to do this?

    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.

    Is there a Schwab Alliance Mobile app?

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

    Questions about Account Statements

    Will my statements continue to be bundled?

    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. 

    How do I enroll in eDelivery for my account statements?

    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. 

    Will my past statements be viewable at 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.  

    How will my statements be affected after the transition?
    • 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

    Questions about Tax Documents

    Will I get more than one 1099 for 2023?

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

    Will I be able to access my past TD Ameritrade tax documents?

    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

    How will tax withholding elections for my distributions be handled?

    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.

    Will I be able to import TD Ameritrade and Schwab tax data into my tax preparation software?

    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.

    Questions about Security

    How will my personal data be protected through the transition to Schwab? 

    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.

    How can I ensure my Online Portal Information is safe?

    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.

    What if I suspect fraud in my accounts?

    If you suspect you are a victim of fraud, please contact Highland Investment Advisors at 414-755-2309.