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| Schwab Reveals Its Plan For Thinkorswim — What It Means For You |
Charles Schwab (SCHW), known for being an IBD Best Online Broker and the purchaser of TD Ameritrade in 2020, has now unveiled its comprehensive plan for merging TD Ameritrade and Thinkorswim into a single, powerhouse brand: Schwab Trading Powered by Ameritrade. This strategic move signifies a major shift, granting Thinkorswim access to all of Schwab's clients for the very first time.
The news that Schwab intends to preserve Thinkorswim's core capabilities has come as a significant relief to loyal TD Ameritrade customers. Many regard Thinkorswim's trading tools as more advanced and customizable compared to Schwab's offerings.
For existing TD Ameritrade customers whose accounts are yet to be integrated with Schwab, there's good news: you can continue to use your existing tools for the time being. However, Schwab has outlined its plans to finalize the integration within a few months, at which point all customers will transition to using Schwab Trading Powered by Ameritrade.
So, what exactly will remain intact within Thinkorswim? Schwab has revealed in its quarterly earnings release that its new platform will retain the key components of Thinkorswim, which includes Thinkorswim Desktop, Thinkorswim Mobile, and Thinkorswim Web.
Schwab acknowledges the pivotal role of trading in its business operations. Over the past two years, trading alone has accounted for a fifth of Schwab's total revenue. Notably, the average new assets of traders are 6.5 times higher than those of other households.
To retain these valuable traders, Schwab is committed to keeping Thinkorswim's programming language, advanced charting tools, paper trading simulator, and chat rooms.
Moreover, certain Thinkorswim and TD Ameritrade tools will be integrated into Schwab's platform, such as "SnapTicket" orders, designed to streamline the trading process.
Schwab's commitment to enhancing the trading experience doesn't end there. They're adding TD Ameritrade's investing education tools and resources to their platform, including access to experienced trading professionals even when the market is closed.
James Kostulias, Schwab's Head of Trading Services, emphasized the significance of this integration: "We've achieved an important, highly anticipated milestone in the integration with the broad availability of Thinkorswim. Trading is a huge focus for us at Schwab and represents a critical part of our overall business as we go forward." With these developments, Schwab is poised to offer traders a comprehensive and powerful platform with advanced tools and resources, ensuring a top-notch trading experience for all.
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