The Charles Schwab Corp. shocked the RIA world by reportedly inking a $26 billion deal for TD Ameritrade that vaults the combined RIA custodian to $2.1 trillion in managed assets and signals the arrival of long-expected industry shakeout.
Check and mate, says Jud Mackrill, chief marketing officer of Omaha, Neb.-based RIA, Carson Group, in a tweet discussing the news.
“Schwab dropping commissions to cut profits by 6%–forcing TD’s hand to drop theirs, costing them 25% –only to buy them, is the deal of the year.”