Charles Schwab and TD Ameritrade both announced today that they have reached an agreement for Schwab to acquire TD Ameritrade. Both companies announced that the combined company will retain the Schwab name, and will reflect the best that each legacy firm has to offer, including leading wealth management and trading platforms. The closing of the acquisition will need to be approved by regulatory authorities and survive any anti-trust issues, and is expected to close in the second half of 2020. During that time, there should be no impact to how you work with us or TD Ameritrade Institutional. Most independent registered investment advisors, like ourselves, are somewhat hesitant about the merger because of reduced competition, since Schwab is already the largest provider of investment services to investment advisors. The three largest providers are Schwab, Fidelity, and TD Ameritrade, in that order, with all three recently announcing the elimination of commissions on online stock trading, including ETFs. The following is a link to a FAQ about the merger provided by TD Ameritrade. If you should have any questions, please feel free reach out to us.