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Explorer ○

Re: Schwab in Talks to Buy TD Ameritrade


@dirkronk wrote:

Anitya says: TDA also offers free M* newsletters if you care for them.

No kidding? When did they start that? And how do you get 'em? (I've been with TDA forever, but seldom trade, so I don't exactly know all parts of the website.)

Curious Dirk


Go to "EDUCATION" at top, click on THE TICKER TAPE, click SUBSCRIBE.  Don't forget to scroll down to the bottom if you want to get some quarterly publications, like ThinkMoney Magazine.

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Re: Schwab in Talks to Buy TD Ameritrade


@Lorraine10 wrote:

Look at that TOS chart image you posted. I don't need all that information, at least not all the time and not when I'm tracking something. TDA now has a different version on its website. I don't know if it's more streamlined. 


Well, you misunderstood what it can display on screen. I just need all of the info as I have a 32 inch monitor, in fact 3 of them, and it fits nicely.  You can easily customize it to just show only the minute chart and nothing else and you will see the price clearly. See the screenshot below and you can even get rid of the volume subgraph.  This is one of the most customizable platforms out there. Maybe, you got intimidated with lots of info and sure, it will take couple of hours/days to get used to. Once you get the hang of it, you will NOT want to look at anything else. Trust me, I tried Schwab, Fidelity, Merrill, TradeStation, etc. and TOS is miles ahead.

Btw, my comment about Ph.D is to tell you that there are tons of studies/patterns in TOS. You don't need to use any of it - think of it's like a google search - it will list all kinds of info but you can concentrate on what you want to see. Anyways, give it another try and am sure you will love it.

image.png

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Re: Schwab in Talks to Buy TD Ameritrade

Well, I don't want to argue. Yes, it was customizable (up to a point...you
couldn't customize that chart out of its little box, or lower the time
increments in the chart to be acceptable).

The point being, it was trying to be all things to all people, and for a
program to be that, it becomes cumbersome & unnecessarily complicated. Not
worth the effort for those who don't need all that information. TDA now has
a different version of TOS on its website, recognizing the issues with the
downloadable program. Hopefully it's more streamlined and nimble.

Maybe you weren't using it before it made the changes. TDA is good in many
respects. That wasn't one of 'em. TDA had numerous complaints. It wasn't
just me.
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Re: Schwab in Talks to Buy TD Ameritrade

Has any TDA account owner been notified about any changes to their TDA account in regards to Mutual Funds Transaction Fees, Mutual Fund “Supermarket” changes or money market fund availability?

Will the TDA MF fee be grandfathered?

Will all funds families at TDA be available at Schwab?

Will MM funds like POCXX and POVXX be transferable to Schwab?

Will the TDA and/or TOS website be decommissioned? (TOS wasn’t when TDA purchased them)

 

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Re: Schwab in Talks to Buy TD Ameritrade


@BigTom wrote:

Has any TDA account owner been notified about any changes to their TDA account in regards to Mutual Funds Transaction Fees, Mutual Fund “Supermarket” changes or money market fund availability?

Will the TDA MF fee be grandfathered?

Will all funds families at TDA be available at Schwab?

Will MM funds like POCXX and POVXX be transferable to Schwab?

Will the TDA and/or TOS website be decommissioned? (TOS wasn’t when TDA purchased them)

 


**********************

I haven't rec'd any info from TDA about that yet, unless it was buried in some general info email or document that I missed.

When I was transferred from Scottrade to TDA, when TDA bought Scottrade, I rec'd the information in writing of TDA's regular fees. The info on the transfers just said to refer to TDA's website for fee information, which of course was TDA's regular fees and not Scottrade's fee schedule. If it were going to honor Scottrade's lower fees, TDA never informed me of that either verbally or in writing at first. I had to ask, and then I was told it would honor the fees I was paying. Would it have honored those, if I hadn't asked? Did it honor the fees for all Scottrade account holders? I don't know.

So I plan on asking beforehand. Because if they don't honor that, I'll probably go somewhere else. But I might do that, anyway. I was close to going to Fidelity instead of TDA from Scottrade, but decided to try TDA. So I'm going to look at Fidelity again. And Vanguard. As I recall, Fidelity said it would honor Scottrade's fee structure, if I transferred my accounts. 

 

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Re: Schwab in Talks to Buy TD Ameritrade

When TDA purchased TOS, they grandfathered the MF fee of $15. I can’t remember specifically, if they mentioned it in any communication to me or not.

I started slowly transferring positions from TDA to Fidelity until there is clarity on the situation. 

I don’t want to be put in a position of doing two account transfers (TDA->Schwab->Fidelity) if I am not happy with the “concerns” I have previously mentioned.

I opened a Vanguard account this year hoping it would become my backup broker but I am not to pleased about their customer service or their technology. I think I may end up holding Vanguard funds at Fidelity instead. I rather pay a little extra in expense ratios for non-admiral shares of VG active funds at Fidelity along with Fidelity’s TF. 

I hope Schwab puts out some type of communication soon.

 

Updated: TDA did communicate the TOS MF fees would be grandfathered in and the TOS platform would still be in-place via an email. Here is the excerpt from the 7/2011 email.

Your trading experience will remain the same

  • Trading platform, service and support won't change: As we promised you, the trading platform, service and support that you counted on at thinkorswim will remain the same. You'll still be able to trade on your favorite downloadable thinkorswim platform and enjoy the same features and speed of order entry that you're familiar with now. You'll be able to continue monitoring your balances and positions through the downloadable trading platform. Even your paperMoney®accounts will continue to be accessible. You will speak with the same people when you need help.

  • Same commissions and favorable fees: You'll continue to enjoy the same equity and options commission rates that you have now. Mutual fund trades will be charged a flat fee of $15 per transaction.

 

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Re: Schwab in Talks to Buy TD Ameritrade

I;ve been with schw since 2002 ,TDA since 2003 ,no problems with them, moved my TDA acct to FIDO in 4 mos. FIDO is definitly in 3rd. place. ahead MER.LYNCH.

 

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Re: Schwab in Talks to Buy TD Ameritrade

I had an account with Fidelity for 12 years and found some of their phone customer service reps to be very pretentious. Charles Schwab offered me a nice incentive to move my account over to them about four years ago and I've never regretted it.  I also have a lot more immediate access to my financial advisor at Schwab. Fidelity was letting their success go to their heads.

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Re: Schwab in Talks to Buy TD Ameritrade

Yes, it would be Schwab, I think, that would confirm or set the fees, since it's the purchaser. 

I haven't rec'd any emails from TDA (or Schwab) about the purchase, since the announcement, which was a copy of the public release. 11/25/19.

 

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Re: Schwab in Talks to Buy TD Ameritrade

Last time I spoke to my TDA rep all he could say was that the merger was due to happen sometime in 2H 2020. He actually gave me a nice promotion for moving assets from Schwab to TDA.

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Re: Schwab in Talks to Buy TD Ameritrade

I think you do not need to worry about the integration for a while -

https://www.forbes.com/sites/sergeiklebnikov/2020/06/04/charles-schwab-wins-doj-approval-for-26-bill...

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Re: Schwab in Talks to Buy TD Ameritrade

Anitya-Hope812

I agree with you both. When at FIDO years ago, Around noon,I went in to their large office outside Boston to make my contributions to my SEP-IRA, my wife's and my regular IRA in my work clothes. Just to see the reaction of the counter, I let all the "suits" go in front of me until there was a break. The greeting was "What do you want?" I said I wanted to make those deposits, but would like to know my account balance first. He complied and looked it up. The face was priceless and the next comment was "What may I do for you today MR. NuEnglender" My response was "Accept these deposits and then tell me where I can close this account." I went to Schwab 500 feet down the street. It was fine until they had their own products to sell. Went to TDA. I will be watching this like a hawk. I am not surprised that Schwab has said nothing. They will want people to "wait and see" what transpires, not wanting any "rumors" etc. to create movement prior to their complete control where they will be making personnel changes, closing offices etc. The transition will be confusing enough. My problem is what will be the flavor of the "kool Aid" that TDA will have to drink. I will be looking at E-Trade well before going back to FIDO. Maybe Van. or TRP., but do they offer the services I need. I am not a stock trader, but a long term MF holder. With the size of those accounts, fees insult my business acumen, but do not change much. 

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Re: Schwab in Talks to Buy TD Ameritrade


@NuEnglander wrote:

I will be looking at E-Trade well before going back to FIDO. 


E*Trade is being acquired by Morgan Stanley. 
So the question is, will MS will try to convert all those individual accounts to advisor accounts?

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Re: Schwab in Talks to Buy TD Ameritrade

I transferred most of my money from Fidelity to Schwab several years ago. I didn't encounter a slow response or mishandling of anything.  No products were ever promoted to me.  I got more than $3500 cash back over the years.  I got $300 several months ago because I asked(you will not find at Schwab.com and I got it after I called several reps).  I get free fees for all buys of Instit funds. All I know is that I get a great fast service, I keep asking a lot and Schwab reps come thru while Fidelity hardly ever got anything EXTRA at Fidelity.

=========================

All 3 (VG, Fidelity, Schwab) don't have many great funds.  I can find better but all host other family funds and why they are great.

VG is way behind Fidelity and Schwab on service, opening hours, access to local office, platform, other services like world ATM, credit card and trading, more limits on trades. The following is a ridiculous example: you enter a trade to sell your VG SP500 at 9 AM, you can't cancel it at 10 AM. One big plus is the ability to buy Instit shares funds for just $25K min instead of $100K.

Fidelity VS Schwab.  Fidelity lost its edge to Schwab in the last several years.

Why Schwab is better

1.Better online platform. It’s easier and more intuitive.

2.Better fund screener options and flexibility. A simple example: suppose you want to look for funds with SD(volatility) lower than 6.75, no problem at Schwab. Fidelity only has 0-5-10-15.

3.Schwab offer more lower min funds. Examples: 1) All Pimco Instit shares have one million min at Fido but just $100K at Schwab.  This means that for every $100K you will save $250 at Schwab per year 2) JMSIX,IISIX are NTF and Schwab but not fidelity. Many Fidelity customers buy these funds at other brokers and transfer.

4.Fidelity has strict trading rules not found anywhere else and not mandated by agency, SEC or anybody else.  Examples: 1) if you sell a fund in your IRA, you can't buy another online, you must call a rep and spend time  2) Even if you sold a fund and call a rep you can only buy at 90% of the proceed.  At Schwab it’s easy, you sell your fund and just enter another fund. For bond fund I but at 99.5% for stock funds I buy at 98-99% because I look at what markets are doing  3) Suppose you own mutual funds in your IRA and you don't have any cash and want to buy a stock/ETF, you can't do it, you must sell your fund and wait one say for settlement.  At Schwab, you just buy your ETF, see how much you own and sell your mutual fund to cover it.

5.Schwab reps will work harder to please you with fees, Fidelity reps are much tighter.  In the last several years I got over $3500 cash rewards from Schwab after a transfer Fidelity stopped doing it years ago (but in the last 1-2 Schwab makes harder too), free transactions on Istit share (extremely hard at Fidelity). I always ask for stuff and get it most times at Schwab. If you transfer money out of Schwab they charge you $25, I made a call and they gave me a credit for that but the broker who got the money should give you this fee anyway.

Schwab was always/mostly the leader for lowering fees vs Fidelity

6.Schwab has a global ATM with a true no fees, Fidelity ATM has a 1% foreign transaction fee for other currencies

7.Schwab IT is more advanced and faster.  Example: Funds dist are placed in your account on the same day at Schwab. It takes Fidelity most times 2 more days. Fidelity FULL VIEW(where they link all accounts from other institutions) was broken for months and still can be off. Schwab has a similar feature and it works better and faster. If you traded funds you will see it at Schwab the same date with all the settlement while it takes Fidelity longer.

8.Schwab target funds and ETF are cheaper than VG and Fidelity and most have just $1 min.

9.Schwab doesn’t have a good sweep MM but you can just use SWVXX with competitive yield and trade in/out like any other fund and it doesn’t have a minimum. Fidelity makes it harder with several funds and different minimums.

10.In the last 2-3 year, Fidelity reps knowledge deteriorated significantly.

11.At tax time I have been waiting at Fidelity 15-20 minutes for a rep to answer while I never waited more than 1-2 minutes at Schwab.

Why Fidelity is better.  

1.They have a credit card with 2% cashback on all purchases 

2.Fidelity let you add to Instit fund using the Automatic option for just $5

3.Min holding time for mutual funds is 60 days while at Schwab is 90 days. 

4.Fidelity introduced several funds(I think 3) with zero expense ratio but they do not exactly follow the indexes such as SP500. Since inception Fidelity LC (mimic the SP500) is lagging SWPPX(SP500 with ER=0.02) see (chart). So, while you save 0.02% yearly expense at Fidelity the fund made you less money.

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Re: Schwab in Talks to Buy TD Ameritrade


@chang wrote:

Last time I spoke to my TDA rep all he could say was that the merger was due to happen sometime in 2H 2020. He actually gave me a nice promotion for moving assets from Schwab to TDA.


It's my understanding that Schwab is buying TDA, not the other way around. So TDA accounts will be moved to Schwab. Schwab accounts stay in Schwab.

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Re: Schwab in Talks to Buy TD Ameritrade

I prefer Schwab but also keep account at Fidelity because sometimes Fidelity has better access to certain funds.  For instance, Schwab tells me that PRMTX is closed to new investors, but Fidelity allows me to begin a position in PRMTX.  I believe this is the same for PRHSX.  To be fair, have found some funds at Schwab that Fidelity will not let me into.  My accounts are IRA at both.  

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Re: Schwab in Talks to Buy TD Ameritrade


@FD1001 wrote:

 

Why Fidelity is better.  

2.Fidelity let you add to Instit fund using the Automatic option for just $5

 


Hi @FD1001, I have TF funds (institutional fund versions) that I buy monthly at TDA using an automatic investment plan on a selected date without paying a transaction fee. There is a fee if I buy the same fund on a given day but not as part of an automatic investment plan. Fidelity charge $5 as you mentioned. Are you aware of what the fee schwab charges for transaction fee funds bought through an automatic investment plan? thanks

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Re: Schwab in Talks to Buy TD Ameritrade


@Alwayslearning wrote:

@FD1001 wrote:

 

Why Fidelity is better.  

2.Fidelity let you add to Instit fund using the Automatic option for just $5

 


Hi @FD1001, I have TF funds (institutional fund versions) that I buy monthly at TDA using an automatic investment plan on a selected date without paying a transaction fee. There is a fee if I buy the same fund on a given day but not as part of an automatic investment plan. Fidelity charge $5 as you mentioned. Are you aware of what the fee schwab charges for transaction fee funds bought through an automatic investment plan? thanks


I just tried it at Schwab and I can only do it for funds without a fee.  I couldn't do it for PIMIX.

Years ago when I talked to TDA they told me they would charge me to buy institutional fund not NTF $17 each time I buy or sell while Fidelity+Schwab only charge a fee on the buy side.   It's also true that the local rep told me he would give me 20 free transactions for institutional fund annually for all acounts.

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Re: Schwab in Talks to Buy TD Ameritrade

Thanks @FD1001 for checking.

Thats unfortunately a recurring fee with schwab, and becomes pricy if one invests in multiple funds monthly (free automatic investment process with TDA).

And yes if you were to buy with TDA, outside the automatic investment plan, there is a fee in and out but the amount $15 is still less than the 49 that fidelity as i recollect charges for buys.

 

 

 

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Re: Schwab in Talks to Buy TD Ameritrade

Thank you Big Tom.

Is it possible that this "industry" is becoming an oligopoly? If so, not good for us, as "price fixing" fits well

in that structure. So, after E-Trade, who else is available that isn't being bought out? I will admit I have not looked into TRP. I will now. but I suspect they have their own "Kool Aid" that all good TRP'ers have to drink. 

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