As more cities urge residents to shelter in place due to the spread of coronavirus, TD Ameritrade has become the first major custodian to allow all of its employees to work remotely.
"One hundred percent of our workforce is now working from home,” spokeswoman Rebecca Niiya said in a statement. On March 24, about 90% of the firm’s
TD Ameritrade’s 260 branches have been closed since
George Tamer, managing director of strategic relationships at TD Ameritrade Institutional, told Financial Planning his team is meeting with RIAs through phones, webcasts and remote conferencing tool Zoom.
“Generally the team does in-person, face-to-face client meetings with our advisors either in their office or at industry events or events that we host — all that obviously stopped,” he says.
While the means of communication might be different, “the conversations are generally the same,” although the team has been fielding many questions specifically about virtual communication capabilities, he says.
TD Ameritrade is expected to be purchased later this year by competitor Charles Schwab, the largest U.S. custodian. Schwab has said some employees including network operations and call centers still need to come into the office currently, but it closed its branch network to the public last week and is
As for other custodians, Fidelity instructed any employees who could work remotely to do so on
A Pershing employee in its New Jersey office
Meanwhile, the number of coronavirus cases continues to grow. By the afternoon of March 25, at least 59,502 people had tested positive for the virus in the U.S., according to a New York Times database, and at least 804 patients with the virus had died.
At least
TD Ameritrade says it already had a flexible work-from-home policy — approximately 15% of all its employees were working remotel on any given day, according to Niiya. The company started expanding its work-from-home policy March 17.