Fidelity, others pounce on TD RIAs with a vengeance following Schwab merger, but Schwab finds a white knight to defend its new Texas fort, and, suddenly, Tom Nally's future seems clouded at 'Schwabitrade'

The technology solutions will be a huge upgrade for Schwab. It will be instructive to watch what power Tom has to make decisions. Successful mergers implement solutions from the acquired firm. The only person that can insure that happens is Senior Schwab leaders.

That's certainly a rich comment from Schwab, in light of their actions disrupting the lives of thousands of families and RIA firms around the country. As an RIA with 175m under management, we're uncertain on where we fit into the puzzle. We are receiving multiple solicitations each week from both large and small custodians.

looking for good times

Why do you keep giving Tom Bradley such a pass on the RIA changes at TD Ameritrade? You have written multiple articles that Tim Hockey didn’t understand RIA’s and one of the principal changes you point to was the decision to change the advisor direct fee from 25% to 25 bps in March of 2017. Bradley was the head of retail at that time, isn’t it reasonable to assume that he would be involved in such a major decision? You guys really love to pump up Tom, and usually at Tim’s expense. It will be interesting to see what unfolds over the next few months. There are a lot of moving pieces involved in this merger and I am sure there will be surprises along the way.