Charles Schwab completed its $22 billion purchase of TD Ameritrade on Oct. 6, 2020 (Images: Shutterstock; design: ALM/Chris Nicholls)
On the day of the mega-deal's completion, Bernie Clark — head of Advisor Services for Schwab — described the transaction's significance as being "really huge."
It could be viewed as "the biggest thing we've seen happening in this space, in bringing great companies together with like-minded approaches to their clients and an opportunity for all investors," Clark said on Oct. 6.
The combined brokerage firm has over $6 trillion in DIY investor and RIA client assets. In June, the total assets handled by RIAs with the two firms was $2.6 trillion — of which $1.9 trillion was at Schwab and $700 billion at TD Ameritrade.
