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Schwab’s Biggest RIA Prizes in TDAI Acquisition

These RIAs have the most money custodied at TD Ameritrade Institutional.

There are fewer than 30 RIAs that custody more than $1 billion in assets at TD Ameritrade Institutional (RIA only, not counting hybrid firms). By contrast, there are over 2,000 RIA-only firms that custody between $10 and $100 million at that firm, and another 2,000 sub-$10 million shops. Should the merger go through, bringing those firms onto the Schwab platform will be an integration challenge for Schwab executives Bernie Clark and Tom Bradley. 

READ: TDAI Advisors Fear Bad Service More Than Bad Tech

Data: Discovery Data, staff, SEC Form ADVs. Firms are RIA only, no hybrids, and custody at least 10% of their assets at TDAI. Form ADV data as of Feb. 20, 2020.

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