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Scottrade clients have moved to TD Ameritrade
TD Ameritrade CEO Tim Hockey responds that Scottrade customers should expect a significant upgrade in available technology and no loss of physical locations.
Still under discussion is the final pricing scheme. Hockey was impressed by the positive effects Scottrade offices have. Scottrade has a much higher-than-average concentration of clients near its offices. Though the total number of offices will fall, TD Ameritrade, he says, will maintain an office in every current market. He wants to maintain those connections.
TD Ameritrade has about offices in the U. Hockey believes that post-integration, there will be about for the combined firm. So, in the long run, it sounds as though the personal connections may be enhanced. Hockey says the transition team is dedicated to making that very smooth. He says the integration itself is less technologically challenging than others it has done, such as the acquisition of the sophisticated trading site thinkorswim.
We continue to work toward removing every single friction point that we have. TD Ameritrade is about to launch a response: As the name suggests, says De Freitas, the firms consider these portfolios the essence of an investing strategy.
For most of the past decade, TD Ameritrade has had an offering called Amerivest, which could be considered an older cousin of Essential Portfolios. Opening an Amerivest account used to involve answering 27 questions about goals and risk tolerance, but in May that process was simplified. The streamlined process was adapted to the new offering.
How to Profit Big Using Them. You start with Essential Portfolios by choosing one of four goals: You describe the time frame for the goal and fill in some basic data about yourself, such as birth date and current liquid net worth. The risk-tolerance question is simple. Clients can fund their account through electronic transfer, external brokerage account transfer, wire fund transfer, check deposit and stock certificate deposit.
The firm also offers an online banking facility, although it has stopped opening new bank accounts as of September 14, Clients who had a banking relationship with Scottrade prior to Sept. Customers can link multiple accounts to the brokerage account, facilitating speedy transfers.
Scottrade offers a wide variety of services and products, including hand-holding for beginners. However, with the TD Ameritrade integration overhead, new traders may prefer to wait and watch to see how things pan out.
Benzinga is a fast-growing, dynamic and innovative financial media outlet that empowers investors with high-quality, unique content. Login Email Password Forgot your password? Shanthi Rexaline Contributor, Benzinga October 30, On the technology front, the firm is fairly competent, with multiple platforms and tools, while its research offerings are rich, appealing to both beginners as well as advanced traders.
Best For Beginners Retirees Students. Pros Large branch networks Diverse asset classes Zero balance facility for retirement accounts. Cons Limited third-party research Uncertainty surrounding integration with TD Ameritrade Expensive relative to robo-advisors. Beginners and Passive Investors Among discount brokers, Scottrade is great for beginners, given its extensive branch network which facilitates one-on-one communication with actual Scottrade advisors.
Retirement Planners For those looking toward retirement, Scottrade provides transparent pricing, with no minimum account balance requirement, a slew of investment products as well as third party research. Scottrade offers a wide variety of products, from options to retirement products. Scottrade offers several platforms and encourages advanced traders to use TD Ameritrade's thinkorswim. Scottrade's Knowledge Center is ideal for beginning investors who'd like to learn more. Open an account securely through Scottrade's website.