12.05.2022

As you’ve likely heard, The Charles Schwab Corporation plans to transition RIAs’ and their clients’ TD Ameritrade accounts to Schwab during Labor Day weekend of 2023. Rest assured that Orion is working with Schwab to support a smooth and supportive transition experience for you and your clients. Orion has dedicated significant resources to help ensure the smooth transition and has developed a plan for implementing necessary technology and process changes. You will receive regular updates on our progress with Schwab as we take steps in the plan to support the conversion. You’ll also receive communications from us on preparations you’ll need to make, timelines, and how we’re supporting you. Look out for more information from us on this transition. In the meantime, if you have any questions, please reach out to your primary Orion point of contact.

Frequently Asked Questions

12.14.2022 & 12.27.2022

The TD Ameritrade migration to Charles Schwab Corp. is underway. Schwab recently informed us that, effective August of 2023, advisors’ names and contact information will no longer appear on TD/Schwab statements.

If you want to have your name remain on statements, Schwab requires an authorized executive at your third-party firm/RIA to complete a Schwab Third-Party Statement form by December 31, 2022. This form will need to be signed by an authorized officer (someone listed in the ADV) of the third-party firm/RIA with which you are registered. Please reach out to your RIA to initiate this process. Once the form has been completed by your RIA and returned to Schwab, they will perform a due diligence review to ensure the third-party/advisor relationship can be reflected on their statements. To allow abundant time to complete their internal reviews, Schwab communicated December 31 as the target date to guarantee the information is included on statements after the migration. Forms received after December 31 will continue to be processed by Schwab on a best-efforts basis. If a form is not received, desired third-party/advisor information will not be included on statements beginning with the August 2023 statement.

Please note that Orion is not requiring this form – we are here to support you with fulfilling this requirement from Schwab, if desired. Quarterly Orion statements will continue to include your information.

02.03.2023

As part of the continuing integration efforts between TD Ameritrade Institutional (TDAI) and Schwab Advisor Services (Schwab), they are making an update to payment frequencies to create consistency between the two companies.

Some of your clients are using certain payment frequencies for systematic ACH transactions that will not be available at Schwab after the transition planned for Labor Day weekend.

Current frequencies that will no longer be available:

• 1st Friday of the month
• 3rd Friday of the month
• 2nd Friday of the month
• 4th Friday of the month

Frequencies that will be available:

• One Time
• Weekly
• Monthly
• Quarterly
• Annually
• Every 6 Months
• Last Business Day of the Month

Take Action

You are able to view the affected accounts by logging into the Orion Advisor Portal:

1. Go to the Reports section> Account Information> Systematics
2. Sort by the Frequency column

You can help your client select an alternative frequency within the Advisor Portal:

1. Go to the Servicing section> Servicing Requests> Contributions
2. In the Contribution Setup Option dropdown menu, select ‘Update Existing Instructions'
3. NOTE: If you have Rep Authorization (Move Money on file) you can complete this request without client signature

Review Schwab Actions

Schwab is asking that you select an alternative payment frequency by February 15, 2023. If you don’t select an alternative, the existing instructions will continue as scheduled, but will not move to Schwab at the time of transition in September.

Schwab will be sending your clients a notice at the end of February 2023 telling them that their existing payment frequency will not be available at Schwab after transition.

05.03.2023

As part of the continuing integration efforts between TD Ameritrade Institutional (TDAI) and Schwab Advisor Services (Schwab), Schwab is going to be requiring that your new clients consent to transfer their account by completing a consent form.

Effective May 19, 2023, Schwab will be requiring a Consent to Transfer letter to open new accounts. This includes accounts that are already in progress. If the signed Consent to Transfer letter is not submitted along with the signed account application, TD will consider the account "not in good order." To make it easy for advisors and their clients to fulfill the requirement, the form will be in our new account wizard and forms library.

In preparation for the conversion weekend in early September, beginning on August 18, 2023, no new accounts can be opened on the TDAI platform. At that time, new accounts will be established on the Schwab platform.

Please note: For existing clients, no action is needed. Schwab will be sending out an Account Transition Notice (by Negative Consent) to existing clients at the end of June. This letter will provide details about the transition.

06.22.2023

As part of the upcoming Labor Day weekend conversion between TD Ameritrade Institutional (TDAI) and Schwab Advisor Services (Schwab), there will be changes for you regarding new account openings, new account paperwork and DocuSign usage.

Effective July 31, 2023, we will no longer be opening new accounts at TDAI, to accommodate the deadline set by Schwab. Between July 31 and Labor Day weekend, you can open accounts at either Schwab or Fidelity. If you don't already have a master or G number set up at Schwab or Fidelity, contact your sales team.

New account paperwork is available through our new account wizard; additional forms for subsequent requests will be available through a service request.

Schwab will be unable to support use of your own DocuSign instance after the transition. Instead, you will be able to use the Orion Portfolio Solutions DocuSign instance.

In preparation for the account transition to Schwab, existing clients will be receiving an Account Transition Notice (by Negative Consent) at the end of June. This letter provides details about the transition – no action is needed.

07.25.2023

To help you prepare for the TD Ameritrade Institutional (TDAI) migration to Schwab Advisor Services (Schwab), below are some important dates to know as we get closer to the Labor Day Weekend transition.

July 31 - New Accounts

As of July 31, 2023, you will no longer be able to open new TDA accounts through the Orion Advisor Portal New Account Wizard and TDA applications will no longer be available through the Account Wizard, Forms Library, Laser App, or Quik. If you have an application that started in July, please ensure that the application has been executed and completed by August 14, 2023. If they are still outstanding on August 18, 2023, the DocuSign envelope will be voided.

To ensure that there are no interruptions with setting up new business, please reach out to the Orion Sales team and request a new Schwab master account number so that you are ready to set up new accounts after July 31, 2023.

August 1 – Schwab Communications to Your Clients

As the transition nears for migrating TD Ameritrade Institutional (TDAI) business to Schwab Advisor Services (Schwab), a preview of the transition communications that Schwab will send to your clients is shared below. The communications will provide your clients with important details about the move to Schwab and their accounts, so we encourage you to let them know these are coming and what to expect.

• The first week of August Schwab will mail out Key Information Packets to clients that includes a letter and insert. The Packet will be sent at the account level and, regardless of the client's communications preference, it will be sent via the U.S. Postal Service because it will be the official notification of their new eight-digit Schwab account number. In addition to the account number, the Packet will provide important details about the transition, key milestones, and what they can do to avoid disruptions in accessing their account after conversion. They will also be prompted to create a Schwab Alliance login ID and password, which they will need to access their account information after conversion. Finally, the Schwab letter assures your client that their relationship with you is not changing, and Schwab's role is to support that relationship and safeguard their assets.
  • Important note: If your client updates the tax identification number on an account or makes certain account registration changes after the mailing list for the Key Information Packet is generated, Schwab may need to issue a new Schwab account number. If this happens, your client will receive a letter with a new eight-digit Schwab account number that replaces the account number that was sent in the Key Information Packet.
• Once the transition to Schwab is complete, Schwab will send your clients an Account Verification notice for each account to confirm it was moved to Schwab. An email or letter will be sent according to the client's communication preference on or about September 5, 2023. The communication encourages your clients to review their account(s), confirm all information is correct, provides details on where to find their Account Agreement, and other disclosure documents, and reminds them to set up their Schwab Alliance credentials if they have not already done so.

August 17 – Maintenance

If you have any outstanding TDAI account maintenance forms, please have those submitted by August 17, 2023. Any forms received after that date will be considered Not in Good Order (NIGO) and any pending DocuSign envelopes will be voided on August 18, 2023. New paperwork will need to be submitted to Schwab after Labor Day weekend.

Examples of account maintenance items include but are not limited to:

• Account Closure Requests
• Requests to convert account registrations
• Address changes
• Beneficiary addition/upgrade/removal
• Cost depletion method change at the account level
• Demographic information (phone, date of birth, email, SSN/TIN)
• Conservatorship addition/upgrade/removal
• Custodial conversion
• Margin addition/removal
• Name Change
• Options addition/upgrade/removal
• Portfolio margin additions
• Durable Power of Attorney (DPOA) addition/removal
• Limited Power of Attorney (LPOA)
• Trust account addition/removal of trustee
• Trust conversion
• Trusted contact
• Prime broker addition/removal 

August 25 – Transfers

All transfer requests (both incoming and outgoing) for TDAI accounts must be submitted prior to August 25, 2023. Requests received after August 25, 2023, will be processed on a best-efforts basis by the custodian but they may be rejected and need to be re-submitted, once the account is at Schwab, on a Schwab transfer form. If you have an outstanding transfer Service Request via DocuSign, it must be signed by the client by August 24, 2023. If any requests are still outstanding as of August 25, 2023, the DocuSign envelope will be voided. 

August 30 - Contributions/Distributions

Contribution and Distribution forms for TDAI accounts must be received in good order by August 30, 2023, to ensure processing before the transition weekend. Any TDAI account paperwork received after August 30, 2023, will be processed with best efforts but newly signed Schwab paperwork may be required. Requests to set up standing instructions for bank profiles (ACH or wires) and internal journals will be unavailable after August 25 and can resume after the conversion to Schwab.

September 1 - Incoming Funds

If funds are received at TDAI after September 1, 2023, there will be a delay in posting to your Schwab account and funds will only be accepted at TDAI for a limited time after the conversion. This includes any automatic bill payments set up on your own bank account. Remitting instructions are now available in the OPS Advisor Portal Forms library.

08.11.2023

No Action Needed

Charles Schwab is sending communication to your clients that will contain an amendment explaining a change from the TD Ameritrade Wrap Fee Agreement to the Schwab Advisor Billing agreement. Your clients should not see any changes to their account regarding the wrap arrangement you have with them.

A copy of that communication can be found here: Amendment.

For Schwab accounts, the normal process is to have this amendment signed by the account holders at the same time as the account application. For the TDAI accounts that are converting, this copy is supplementing the required form that would have been signed during the normal Schwab account opening process – in this case, clients do not need to sign and return this form.

No action is needed by you or your clients.

8.22.2023

To Permit ACH Contributions

Due to the transition of accounts from TD Ameritrade to Charles Schwab over Labor Day Weekend, Schwab is requiring employers that have SIMPLE IRAs – with ACH contributions – to complete and sign Schwab's Employer Plan Agreement, Adoption Agreement, Contribution Transmittal Form, and MoneyLink Electronic Funds Transfer Form via DocuSign. Our records show that you have clients with these types of accounts, so we are providing you with information to help coordinate this request with your client(s).

Action Needed
Please reach out to your clients (employees in the SIMPLE plan) or directly to the owner/officer/director for the plan (if you have their contact information)to inform them that they will need to initiate the first step of the DocuSign process using this FORM.

• When opening the DocuSign link, the employee or owner/officer/director will only need to input the name and email address for the owner, officer, or director of the plan (Step 1)

• By doing so, it will route the DocuSign envelope to the employer to complete the actual forms (Step 2).

• An authorizer signer of the plan must complete and e-sign the forms

These forms only need to be completed once for each plan.

Deadline for Action
Schwab is requiring these forms be returned by September 1, 2023, to avoid any delays in processing ACH contributions after the conversion. ACH contributions will not be initiated after September 1, 2023, if the forms mentioned above are not completed by the owner/officer/director of the plan.
Employers should list "Orion Portfolio Solutions LLC" in the "IA FIRM NAME" field on these forms.

Please reach out to your designated service team if you have questions regarding this requirement or if you would like a list of your impacted accounts. For additional information pertaining to SIMPLE IRA plans, go HERE.

09.01.2023

For Your Information

After the migration of TD Ameritrade accounts to Charles Schwab is complete, Schwab will be sending a welcome and account verification communication to your clients based on the client’s account settings (mail or email). 

Here are copies of the communications:

• Mail Letter
• Email Message

It’s been our pleasure working to support a smooth and supportive transition experience for you and your clients.

09.21.2023

Helpful Information For You

Due to a higher-than-normal number of questions from advisors related to the transition of accounts from TD Ameritrade to Charles Schwab, we’re providing you below with a few helpful reminders about Schwab’s policies and best practices for working effectively and efficiently with accounts custodied at Schwab, particularly related to certain distributions and contributions.

Tax Elections on Distributions 

During the migration from TDAI, accounts with systematic distributions had their associated tax withholding elections transferred to Schwab as their default tax elections. In cases where tax elections were not on file at TDAI, or the elections were set to a dollar amount instead of a percentage, Schwab entered the Federal and State minimums as the default.

When you request a distribution, any modifications made to the tax withholding election, even for a one-time distribution, will automatically become the account's default election. Additionally, for tax withholding adjustments, if a client intends to reduce their withholding to 0%, a client signature is required via the Tax Withholding Election Form.

Simple IRA Contributions

• Check contributions
  • When submitting a check to Schwab for a Simple IRA Plan, please ensure that the "Simple IRA Contribution Transmittal Form" accompanies the payment.
  • When completing this form while sending a check, you are not required to provide the Schwab SIMPLE IRA Master Account Number in Section 1.
  • In Section 3, include the employee name, at least the last four digits of each participant's social security number, the full Schwab Account Number, and the Employee Salary Deferral/Employer Contribution/Total Contribution amounts.
  • Please be aware that this form must be signed by an Owner, Officer, or Director of the Employer.
• ACH Contributions
  • When initiating a MoneyLink ACH transfer to Schwab for a Simple IRA Plan, Schwab requires the "Simple IRA Contribution Transmittal Form.
  • The Schwab SIMPLE IRA Master Account Number is required in Section 1.
  • In Section 3, include the employee name, at least the last four digits of each participant's social security number, the full Schwab Account Number, and the Employee Salary Deferral/Employer Contribution/Total Contribution amounts.

Distributions

• Full Distributions on Non-Retirement Accounts
  • Requests to fully redeem non-retirement accounts via ACH can be made using the MoneyLink Form.
  • At the bottom of Section 4, please select the “Out my Schwab account in the amount of” option and indicate 100% in the available field.
  • If you would like for the account to be closed, this also can be indicated in this field. 
• Adding a new bank account
  • There is a one-time waiting period on the initial setup of an ACH (MoneyLink) profile that can last from three business days to two weeks. Once the setup is complete, a letter is mailed to the client confirming the setup of the ACH (MoneyLink) profile.

As a reminder, the names of Schwab forms differ from the names of forms at TDAI. For example, one of the common forms used at TDAI was the Move Money Form and the equivalent form at Schwab is MoneyLink Form. You can see additional form comparisons here: Download Form Comparisons

Thank you for your partnership and patience during this transition period. We value your business and are committed to providing you with the best service and support.

If you have any questions or require further assistance regarding the procedures outlined, please do not hesitate to reach out to your dedicated support

09.28.2023

Third Party Statements

As previously communicated earlier this year, if you’re interested in adding your firm’s name to statements, Schwab requires an authorized executive at your third-party firm/RIA to complete a Schwab Third-Party Statement form. This form will need to be signed by an authorized officer (someone listed in the ADV) of the third-party firm/RIA with which you are registered. Once the form has been completed by your RIA and returned to Schwab, they will perform a due diligence review to ensure the third-party/advisor relationship can be reflected on their statements.

Statements

Clients will receive two statements following the transition: one for the TDAI account (typically showing a zero-dollar balance and no positions) and one for the new Schwab account. You may see the Schwab statement post before the TDAI statement due to the timing of delivery. We are working diligently to get these statements posted as soon as possible.

Best Practice Communication

Best practice communication items were communicated last week. You can see the communication on the microsite [link is being added to https://orion.com/wealth-management/ops-schwab-transition].

Recent Improvements

We have been continuing to make improvements with Schwab on how quickly new accounts are being opened and tax withholding elections being displayed in the Advisor Portal via the Service request tool.

Full ACAT Transfers

Please be aware that Schwab will not cancel the account for full ACAT transfer outs. If you have any systematic contributions or distributions, this will not be discontinued. Please contact Schwab’s Service Team at 800-515-2157 to cancel the accounts or you can log into Schwab Alliance and complete this.

Timeline on Distributions

If the request is in good order and you are adding new bank instructions, there is additional processing time to validate the bank account. Cash cannot be dispersed until this is fully settled and ETFs have a 3-business day settlement timeframe.

DocuSign

Paperwork is available through the Advisor Portal; additional forms for subsequent requests will be available through a service request. As a reminder, Schwab will be unable to support use of your own DocuSign instance. If you would like your client to sign electronically, please use the Advisor Portal DocuSign instance

10.26.2023

Full ACAT Transfers

Please be aware that Schwab will not cancel the account for full ACAT transfer outs. If you have any systematic contributions or distributions, these will not be discontinued unless the client requests Schwab to cancel them. The client must contact Schwab’s Service Team at 800-515-2157 to cancel a systematic and/or close the accounts or your client must log into Schwab Alliance and complete this.

Timeline on Distributions

If the request is in good order and you are adding new bank instructions, there is additional processing time to validate the bank account. This is referred to as the prenote period at Schwab. Cash cannot be disbursed until the trades are fully settled. Note that ETFs/Stocks have a 3-business day settlement timeframe. The type of transaction does not determine the prenote timeframe. Prenote is 3 business days, however, can be up to 6 business days for a new account or if there are recent account level changes.

New or existing accounts with the following changes within the last 10 business days will go into prenote:

1. Account-level mailing address change

2. Client-level phone number change

3. Account-level email address change

4. Profile is pending verification by the outside bank

Account Closure

Schwab requires client authorization when an account needs to be closed. The client should request Schwab to close their account by signing and submitting the Schwab Account Closure Form as this form will allow the client to indicate that their advisor and OPS should have access to information (tax docs/statements/trade confirms) about the account after it is closed. Alternatively, the client can call Schwab’s Service Team at 800-515-2157 or your client can login to Schwab Alliance to request their account be closed, however this method would not allow the client to indicate that their advisor and OPS retain access to information for the account after it is closed. Please note, the client can request a full distribution and close their account (and indicate for advisor/OPS to retain access to information for the account after closure) by checking the box to request account closure on the Check and Internal Transfer (Journal) Request Form OR the IRA Distribution Request Form. The client must sign the applicable distribution form if requesting a full distribution and account closure at the same time. If requesting a full distribution using the money link form, please note that Schwab requires the client sign the Schwab Account Closure Form to close the account as there is no checkbox on the money link form.