Broker Check

June Newsletter 2023



May 26, 2023

“Moving Day is Coming Soon

The “big day” is almost here as all of us at Intelligent Investment Management, LLP and the teams at TD Ameritrade Institutional (TDA) and Charles Schwab Institutional are getting all our ducks in a row. We are planning on a smooth transition to the Schwab Institutional platform as the custodian and broker for our managed client accounts. We participated in a “count-down” session earlier this week and marked our calendars for the critical transition dates coming over the next several months.

There has been a tremendous amount of behind-the-scenes activity in preparation for the big day. Clients will be contacted by Schwab Institutional (before the end of June), with a “negative consent” letter allowing Schwab to assume all current client relationships on the same basis as is currently the case at TDA. This process will allow the transition of your account(s) to Schwab without “repapering” all the agreements needed to continue business on an uninterpreted basis. There may be a few administrative tasks that will require your signature, but most clients will see a seamless transition.

Laura has reviewed the letter you will be receiving and has the following comments for your consideration. Please carefully review her list and contact us, as appropriate, to facilitate a smooth transition.

Takeaways from the Schwab Letter:

  • Your TDA account(s) will transfer automatically and securely on or about September 5, 2023. At that transition time you will become a client of Charles Schwab.  They will act as the custodian for client accounts that Intelligent Investment Management, LLP manages for you.
  • You will be able to access and withdraw cash from your TDA account(s) until Friday, September 1, 2023. After this date you will not be able to access your TDA accounts (this coincides with the Labor Day weekend and the Monday holiday). On Tuesday September 5, 2023, you will see your account information on the Schwab client website:
  • Your current Registered Investment Advisor, Intelligent Investment Management, LLP will transfer with your account(s) and will continue to advise you and process all your account needs.
  • You will automatically receive new account numbers; eight-digit Schwab account numbers will replace the TD Ameritrade nine-digit account numbers.  
  • You will need to set up a Schwab Login ID and password to access your account(s). About a month before the transition date, you'll be sent an email or letter asking you to set up your Schwab Login ID and password.  It should take about 5 minutes to set up your login information. When you set up your Schwab login, you'll be able to preview a list of your TD Ameritrade accounts that are moving to Schwab. You won't see the assets in your Schwab account until after the transition is complete on September 5, 2023.
  • It's recommended that you set up your login info before your accounts transition so you're ready to go on day one with Schwab. If your account has multiple owners or authorized parties, each individual will need to set up their own Login ID and password to be able to view the accounts. For more information about setting up your Schwab login info, please visit:
  • Your account(s) will have the same authorizations that it had while at TDA. Standing instructions will continue as usual, with the one exception listed below:
    • If you've provided your TD Ameritrade Institutional account number(s) to an employer, bank, or other third party for the purposes of moving money in and out of your account, you'll need to reestablish those instructions with your new Schwab account number(s) after your account transition is complete. 
  • Schwab lists a bullet point in their letter that says you can choose to not move your account(s). They go on to discuss that you can liquidate your account and move it to a broker dealer of your choice.  This will result in selling in the current down market and you should not act on this, but instead call our office if you have any concerns about the transition.  We do not recommend that you take this action.
  • There are a number of other items covered in the upcoming Schwab letter you will receive including cash features, Schwab agreement, privacy policy etc., you do not need to take action regarding those bullet points.

Please visit the website listed here  It will provide you with answers to many frequently asked questions.

As this process is now underway, please take the time to review all of your account details, Including address, phone number and beneficiary designations. This will help facilitate the transition process if any needed changes can be made now before the transfer to Schwab.

While dealing with these “housekeeping” items, James and I want to update you on our Certified Financial Planner (CFP) credentials. Our profession has been very active in the need to continue to move forward to provide the highest level of professional service to the public and our investment management clients. Our professional standards have been updated and restated for the benefit of those that we serve. Both of us have once again completed the required ongoing Continuing Professional Education and have renewed our licensures.

A key component of acting as a CFP® professional is the commitment of acting as a fiduciary for every client.  This means we are obligated to consider the “best interest” of our client before other considerations, at all times, when providing financial advice.  This sets us apart from the majority of the financial advising community as most financial advisors are sales oriented. They are working to earn a commission and therefore base financial decisions for their clients on the products that earn commissions. This is their priority. We execute an Investment Policy Statement, which we create together.  Our investment decisions are governed by that document, our knowledge of your financial situation, our experience and done in accordance with the fiduciary standard.  

As I write this letter, the broad securities markets continue to react almost daily to the news of the Fed’s interest rate decisions and the deadlock in Washington over the debt ceiling crisis.  Until those impacts have been mitigated and the economy regains its footing we will continue to see further market volatility.


Intelligent Investment Management, LLP