findit
3 months ago
All old Schwab platforms will be retired this year. I have access to them but all my positions are on TOS now. So far, TOS is mostly what it was for my TDA positions.
Starting in March 2024, Schwab will begin retiring access to all StreetSmart platforms: StreetSmart Edge®, StreetSmart Central®, and StreetSmart Mobile®. This means your trading choices in the future will be Schwab.com, Schwab Mobile, and the thinkorswim® platform suite (desktop, mobile, and web). We will focus resources within these platforms so that we can continue to bring you the best in trading and technology.
Because you currently have access to StreetSmart, we’re providing you with information you’ll need to prepare for this upcoming change to your trading experience.
Chartmaster
4 months ago
Schwab messed up! Everyone's angry, of course we will bash, and for good reason, social media internet is a powerful tool and we traders own it, peeps can read all the negative Schwab reviews online everywhere! I bet they lose 66% of the TDA clients, and the CEO says only 45 complaints per million account transfers into Schwab from TDA...I don't believe it! Not seen it on the online reviews, in fact there are a mess of complaints late 2023 pouring onto the web, Schwab is done! Put a fork in this so called Company!
So, while I understand the frustration of being forced to use a new brokerage service, I can't see that bashing Schwab is accomplishing very much.
Chartmaster
4 months ago
Well, I do think you're flat out full of it imo, Ur the ONLY one who said they can trade over 999,999 online with Schwab, so it looks to me like you are lying...can you post a trade you did over 999,999 online without a broker assist? Nope, I know you can't cuz it's NOT possible with Schwab, you must work or Ur wife works for Schwab, Schwab is the worst broker out there, everyone says so accept for you
Chartmaster
4 months ago
IDK, but obviously there is some lack of communication here, cuz if you trade with Schwab in USA, a USA citizen cannot place orders for more than 999,999 shares, it's just not allowed through the online system.....how long have you been able to trade over 999,999 shares without calling them? Something doesn't add up here
peteypickem
4 months ago
I buy orders over 1 mil all the time,, to get live L2 quotes you have to download think or swim app…. 1 thing is you can’t trade from think or swim so you have to switch over to Schwab app,,,,,,,heard they will have that changed shortly
Chartmaster
4 months ago
I'm still with TDA, they want to close my account by March, from what I hear Schwab is a mess and you can't buy Yield signs and no orders over 999,999, no real time quotes still on standard platform, the L2 on Schab TOS is NOT the same as TDA L2, etc, etc I think they charge 6.95 a trade plus extra to place orders over 999,999 shares
stargrazer
6 months ago
all im going to say is get out of schwab before its to late, was a stock only buy of td, hes in debt
up to his ears 79 billion and growing from all that commercial properties he bought that is empty now, you got to ask yourself why didnt he put his name on ameritrade and use it why the rush to get investors over to schwab when interface is clearly not ready infact the watch list ask bid price not live so you dont even know what the share price, are going, im going to Etrade, vary easy to use and same interface as td but need a few updates. to be as good or better than td.
OldAIMGuy
6 months ago
From an article in this week's BARRON's................................
Charles Schwab Won’tBe Dethroned
Despite snags with the TD Ameritrade transition, Schwab has what it takes to win.
BY ANDREW WELSCH
Financial advisor John Robinson was scheduled to move his clients’ funds to Charles Schwab from TD Ameritrade over Labor Day weekend as part of the brokerage industry’s largest account migration ever. He expected a snoozefest; instead, he says he experienced a “dumpster fire.” A $1.7million account wasmistakenly assigned to him, and three of his client accounts totalingmore than $4 million were incorrectly assigned to another advisor, he says. Robinson tried calling Schwab’s (ticker: SCHW) service desk but couldn’t get through. He finally spoke to someone the next day about themissing accounts. “They askedme, ‘What’s the account number?’ ” he says. “And I said, ‘I don’t know. I can’t see the accounts.’ ” Four days later, the accounts were reassigned correctly, but the experience has left Robinson dispirited. Schwab might lose his business.
“It’s 50/50,” says Robinson, owner of Financial Planning Hawaii. “My great preference is I’d verymuch like to leave. I’mdisappointed. This is not what I was expecting.”
Some Schwab customersmay share the same sentiment, and Schwab investorsmay, too, though for different rea-
sons. The snags in the $1.3 trillion Labor Day transition have come amid a trying year for the company. The stock is down 35%, bank deposits had fallen 28% year over year as of Sept. 30, and net new assets tumbled in July and August as some Ameritrade customers and advisorsmigrated elsewhere.
“Schwab is at a crossroads,” says MichaelWong, an analyst atMorningstar. “There are a lot of potential positive and negative catalysts in the next two to six quarters.”
Rising interest rates over the past year have pressured Schwab’s bank, a key profit center. Customers have moved billions of dollars out of the company’s default low-interest bank accounts to higher-yielding options, a process known as “cash sorting.” Because deposit outflows have exceeded Schwab’s cash on hand, it has had to rely on costly short-term borrowing, which has caused its interest expenses to soar and taken a bite out of earnings.
Schwab’s third-quarter results, posted on Oct. 16, were better than Wall Street’s forecast but still down sharply from a year ago. During the company’s earnings call, executives didn’t release a dramatic new business strategy or turnaround plan. Instead, they urged shareholders to be patient.
“Despite the environment, despite the noise, we are supremely confident in our positioning for long-term growth,” said CEOWalt Bettinger.
Many analysts agree and remain bullish on Schwab’s downtrodden stock. That’s because cash sorting will probably end as interest rates level off, they say. Also, thanks to its acquisition of TD Ameritrade, Schwab has enormous scale and a commanding lead over the competition. Plus, Schwab dominates the business of holding assets for the clients of independent financial advisors. This space is difficult for newcomers to break into, even when there may be dissatisfied customers.
Schwab says that as far as the TD transition goes, all is well. The overwhelming majority of TD Ameritrade clients have transitioned to Schwab successfully, and attrition is lower than what Schwab had forecast. “Only a tiny fraction of transitioning clients reached out to us with a concern,” said a Schwab spokeswoman, adding that the company’s priority is to quickly resolve any customer issues.
Best wishes,
OAG