TD Ameritrade buying Scottrade

[disneysteve]

I heard about this on the news this morning. I'm curious how it will affect me as I have 2 accounts with Scottrade. My mom has an account with them also. I guess we need to wait and see. I'm sure it will take some time to get approved and actually happen.

[Jluke]

I started out with Sharebuilder as they were recommended by my credit union (around 2004).

Then eventually ING bought them out (maybe within the last 5 years).

And now it is CapitalOne investing after they bought out ING (2-3 years ago I think).

Any changes have been for the better - portfolio performance included, random free trades for bday or server glitches on their end.

Pricing has changed, but I think that would have just been a natural evolution over time.

Otherwise, I just go to a different login screen and never had to do anything special.

[Thrif-t]

Ah-ha, I wonder if that is why when I went to the mall today where my Scottrade office is located, it wasn't there. Instead the space was fenced off and some construction was going on. Maybe a new store front? Or maybe they just moved out of the front of the mall and something else is going in there??

[disneysteve]

Ah-ha, I wonder if that is why when I went to the mall today where my Scottrade office is located, it wasn't there. Instead the space was fenced off and some construction was going on. Maybe a new store front? Or maybe they just moved out of the front of the mall and something else is going in there??

Probably unrelated. The proposed merger was just announced and still has to get all of the regulatory approval. It isn't a done deal yet.

[clatoden99]

I hold a scottrade account and Etrade..I Love the low fees in Scott, they make a difference. i dont want integration.

[JBinKC]

I think the satisfaction surveys with brokers are done by people who use very limited services and I find them useless.

I have yet to see an accurate survey if you are truly a diversified investor that uses all investment vehicles both foreign and domestic.

I can definitely tell you the weaknesses and strengths of Ameritrade if people are interested.

I can tell you I had it with Fidelity in an arbitrage merger play their transaction add on fees in effect was 2% higher than Ameritrade and cost me thousands of dollars in lost profit.

[disneysteve]

I think the satisfaction surveys with brokers are done by people who use very limited services and I find them useless.

Who said anything about surveys?

I think most customer sat. surveys are useless. Either you have ones where the only people who respond are ones who aren't happy or you have ones where every employee is urged to participate and give high ratings or the questions asked are so leading as to make the results entirely worthless.

[JBinKC]

Scottrade in my prior research has been very high cost for direct investments in international securities and doesn't make a market in Canada UK etc. So my point is its high rating is limited for domestic transactions.

[Thrif-t]

I just got an email today about this from Scottrade. I hope they stay local to me.

We’ll continue to support you here at your local branch office. Until the transactions close, which could take 9-12 months, it will be business as usual at Scottrade with no changes for you. You will continue to rely on us for your investing and trading needs, trading on our platforms and using your Scottrade Bank accounts just as you always have. As the transition nears, you’ll receive regular updates as new information is available.

[bennkar]

I got the same letter as Thrift-t. I have two accounts, my mother one. I suspect nothing bad will happen because of it, but we'll wait and see. If it turns out poorly, then I will start looking for a new brokerage. No sense in stressing about it (yet).

[sv2007]

I don't think it'll have much immediate affect for people who only have account(s) with 1 company. I'm going to guess that TD Ameritrade will likely keep most of the the lower fee schedule for existing Scottrade customers.

However, it'll affect people who maintain accounts at both brokerages as the SIPC insurance is only only $500k instead of $1m. I.e. you should move some money out of the joined company.

[Thrif-t]

Got another email on this today guess it's a done deal:

We want this to be a great experience for you.
There’s nothing you need to do.

This is an exciting time to be part of Scottrade® and TD Ameritrade®. On September 18, 2017, our two firms officially joined together as one organization.

Better together.

Although we're one company, we'll continue to operate as two separate firms until we convert all Scottrade accounts to TD Ameritrade. Over the coming months, we’ll be working hard behind the scenes to provide you the best experience. Staying focused on the here and now, and not just the future, will be at the heart of our efforts. That means being clear and transparent and making sure you always know what to expect.

Let’s start with what this means for you right now.
•
Business as usual. Continue to use your same accounts, invest and manage your money as you do today and only use Scottrade branches for now. You’ll continue to be served under the Scottrade name until operations are combined and accounts are seamlessly transferred to TD Ameritrade. We expect this to take place in early 2018.
•
No change to your low commission rates. Continue to benefit from our low $6.95 base commission rate.
•
Exceptional service and support. You remain at the center of everything we do – on the phone, online and in person. We plan to maintain hundreds of branches across the country. In some cases, where there are TD Ameritrade and Scottrade branches close together, branches may be consolidated. We’ll keep you informed as decisions are made.
•
What’s ahead. There's a lot to look forward to. TD Ameritrade was ranked #1 Overall Broker in StockBrokers.com 2017 Online Broker Review. TD Ameritrade also ranked #1 in several categories, including: Smartphone App, Desktop Platform, Mobile Trading New Tool, Trader Community, Platforms & Tools, Offering of Investments, and Education. We believe these tools will provide you with the best investing experience in the industry.
•
Watch for more information. If you have accounts with Scottrade Bank, you'll receive a separate communication.

We want to help.

We know that this is a time when we need to exceed your expectations in every way possible and continue to reward the trust you've put in us. We promise to keep you fully informed as we work to combine our operations and seamlessly transition accounts in early 2018.

If you ever have any questions or concerns, please contact your local Scottrade team at 800.619.7283. Or visit the Transition Hub at welcome.tdameritrade.com for information and updates.

Thank you for your business.

Sincerely,

Tim Hockey
Rodger Riney
President and CEO
TD Ameritrade
Founder and CEO
Scottrade Financial Services, Inc

[QuarterMillionMan]

Today I received this same email.

[~bs]

it'll probably get rolled into a tdamertirade account. similar things happened with previous mergers.

If you're wondering why the mergers, the industry is racing towards the bottom as far as commissions and other forms of income, and the companies need to consolidate to survive.

[Mr-Pulse]

Closing Scottrade Bank

Got an E-mail about an hour ago.

We will be closing your Bank account on February 17, 2018; however, you may be eligible to receive cash management services with your new TD Ameritrade brokerage account, including:

Yes, well . . . I guess I knew this day was coming.

I suspect other changes will be coming soon.

Can anyone recommend a good brokerage to handle my IRA and ROTH IRA?

I'm currently looking at Fidelity, Vanguard, and Ally Invest.

It appears that Fidelity and Ally Invest has Closure fees of $50, which may not be a big deal, but it's a penalty for leaving fee, and I do not like that. Ally Invest seems to have the better trading fees. Vanguard and Fidelity look to have the best ETFs and mutual funds.

Oh, and Ally Invest has a bank account w/ online bill pay and all that.

Thoughts?