Why the Schwab-TDA Deal Should Worry RIAs
Sheryl Rowling shares her view as a practicing RIA.
Editor’s Note: This column was originally published without linking to the author’s bio, which has been updated and appended to this article. The column also originally made reference to Morningstar Office, where Rowling’s column appears regularly; that reference has been updated for context. Rowling’s perspective as a practitioner in the independent advisor space and her commercial relationship with Schwab has also been clarified. Rowling comments on subjects of interest to the independent advisor, which include technology, software, and other industry services, along with investment topics such as taxes and asset-allocation strategies. The opinions expressed in her work are her own and do not necessarily reflect the views of Morningstar.
Schwab’s announced deal to purchase TD Ameritrade is the talk of the advisor world. From my perspective as a registered independent financial advisor whose firm custodies at Schwab, I don’t believe this deal will be a good one for my firm or for the RIA industry in general.