Reported Schwab-TD merger is a 'blockbuster' combo that creates a 10,000-RIA, $2-trillion custody juggernaut and may signal long-expected industry shakeout

great article. thanks!

Thank you for saying that, Chris! (Us journalists need positive reinforcement much as anyone. Maybe more.)

Consolidation is a business reality that needs to benefit clients as much as it does shareholders. Merger integration needs be be more than cost savings. Chuck should call Jamie and ask him how he has done it.

Oisin, A chaotic rodeo ride to say the least. Damon Deru and I were at the InvestmentNews Future of Financial Advice conference in NYC this week when we received the stunning news. We had just been discussing last week what Schwab's next move would be. W knew it would be a big one because it was clear they were one a strategic tear. But neither of us expected this. However, looking back over the events of the past few weeks with 20/20 hindsight we saw the announcement of zero trading fees, fractional share trading aka the declaration of war on funds and now the acquisition of TD. This leaves us with the obvious question "what's next?" Or is there anything magnanimous left to announce? I think one needs to step back from all of the chaos and look at the core strengths and history of each of the players on the board. Schwab's investment vs TD's banking focused roots and we have to consider Fidelity and BNY/Pershing's next moves. In addition we have to look at what their goals are in the long run. Are they looking to even the playing field in the world of custody and captivating the RIA audience? Is their real focus on clearing? You need to consider each players entire business and what strategic moves they have made over the past 24-36 months that affect major sources of long term revenue. Personally I think, while not a custodian - yet, Envestnet is the one to keep a close eye on. The disruption is a fantastic playing field of opportunity if you can navigate through the wake of each juggernaut decision passing by your little tug boat. Pete Giza | Chief Product Officer | AdvisorPeak Inc