Charles Schwab : Schwab Statement Regarding Third Ameritrade Transition Group

Following two successful client transitions earlier this year, The Charles Schwab Corporation has completed the third round of client account conversions from Ameritrade to the Schwab platform over Labor Day weekend (September 2-4). More than 7.5 million accounts successfully transitioned to Schwab this weekend, including approximately 3.6 million retail accounts and approximately 3.6 million Advisor Services accounts associated with over 7,000 registered advisor firms. With three successful conversion groups complete, we have now transitioned nearly 80% of Ameritrade clients to Schwab.

Looking ahead, we remain on track to transition all remaining Ameritrade client accounts in subsequent, smaller transition groups in November 2023 and the first half of 2024. For Ameritrade clients in these future groups, there's nothing to do right now. Every client will be notified well in advance of their transition date to ensure the move is as smooth and as seamless as possible.

By bringing together Schwab and Ameritrade, we are creating a best-in-class financial services firm with a deep-rooted passion for seeing through clients' eyes and serving others. As one firm, Schwab will offer clients one of the best experiences in the industry: award-winning service and a full array of options to fulfill their personal investment goals including trading, investing, wealth management, retirement, and asset management - all backed by world-class trading and custodial platforms.

For RIAs, we've created the custodial platform of the future, including technology, investments, lending and trading solutions that are aimed at benefiting advisors. Advisors moving to the Schwab platform will have access to new services and a wider range of investment solutions. Legacy Schwab advisor clients will gain access to technology capabilities like iRebal, thinkpipes, Model Market Center, and a redesigned Schwab Advisor Center that incorporates the popular features and functionality of Veo One. As this will complete the transition for Advisor clients, our focus will be on serving clients and helping them settle into their new home.

For retail clients, we're creating a firm with a range of capabilities, including recent enhancements to trading functionality and our mobile app based on client feedback. For existing Schwab retail clients, one of the biggest enhancements is now underway as we begin making thinkorswim®, one of the premier trading platforms in the market, available to groups of clients at Schwab. With its powerful tools and dedicated service from experienced trading professionals, thinkorswim will enhance the experience for Schwab retail clients.

Schwab is extremely proud of the thoughtful preparation and dedicated support our teams have delivered during this historic integration. We are committed to ensuring the process remains smooth for our clients as we complete this journey.