Charles Schwab provided advisors an update on which pieces of technology it will keep from its
Schwab will adopt retail trading platform thinkorswim, as well as integrate the for-advisors version thinkpipes into its existing advisor trading platform. Schwab will also retain TD Ameritrade’s portfolio rebalancing software iRebal.
The combination of thinkpipes’ real-time charting and efficient trading and allocation with Schwab’s experience and capabilities “will create an even more compelling offer for advisors when integration is complete,” head of Schwab Advisor Services Bernie Clark said in a statement.
There will be no change for retail investors using Schwab’s StreetSmart Edge, said Barry Metzger, senior vice president of trading services at Schwab. Looking forward, the company will “thoughtfully combine” thinkorswim tools and service into a unified trading platform for clients, Metzger said.
Integration is expected to take between 18 and 36 months to complete following close of the deal, expected later this year.
Schwab is still evaluating which technology will be considered in the combined platform, and did not give an update on plans for Veo One, the digital hub independent RIAs use to integrate various pieces of technology.
“We are committed to leveraging material advantages in TD Ameritrade’s platforms when doing so enables us to deliver a differentiated experience to all of our clients. That commitment drove these decisions,” said Jason Clague, executive vice president of Schwab’s Integration Management Office, in a statement.
At the TD Ameritrade LINC conference in January, RFG Advisory President Shannon Spotswood said the fate of Veo One is one of the most important issues for Schwab to address.
“You have several thousand advisors at TD who rely on Veo as their tech stack. It’s going to be disruptive,” Spotswood said.
On Twitter, certified financial planner Justin Pritchard weighed in that he is more excited about iRebal sticking around than whatever happens with Veo.
Wohoo for iRebal! If Veo goes away, I can't say I'll be sad
— Justin Pritchard, CFP® (@PFBasics) August 5, 2020
Schwab declined requests for additional comment
