Schwab's $26 billion purchase of TD Ameritrade raises several issues for RIAs, especially for smaller firms with assets under $150-$200 billion.
Many of those advisors use TD Ameritrade as their custodian and at this point don't know whether Schwab will choose to retain TD's custodial platform or its own.
"I can't imagine that Schwab will retain both platforms," said Alois Pirker, research director at Aite Group. "You will lose capabilities that are specific to one or the other platform if that platform is not chosen."
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
