Charles Schwab is dropping the TD Ameritrade Retirement Plan business that serves RIAs and integrating it into the Schwab Retirement Network for Advisors. The development comes nearly six months after Schwab completed its $22 billion purchase of the former rival.
"As part of our ongoing TD Ameritrade integration, we are combining elements" of TDARP with SRNA "to provide an enhanced offering for advisors," according to Schwab spokesman Mike Peterson.
"Advisors most often use these retirement plan solutions as an accommodation for their clients who are also small or medium-size business owners and who come to their advisor for help in offering a workplace plan," he told ThinkAdvisor on Thursday.
"More product details will be introduced to advisors in the coming months," Peterson said.
However, no additional TDARP retirement plans will be created after March 31. "Beginning April 1, any new opportunities will be directed to SRNA," Peterson explained. "We intend to combine the existing TDARP business into the SRNA program in the future," he added.
