Ark Royal Wealth Management's Managing Principal Mike Palmer was quoted in the Wall Street Journal providing perspective on the recent Charles Schwab - TD Ameritrade conversion. Mike shared that clients have seen little if any change during the conversion, but the systems and dashboard advisors use to execute and transaction business on behalf of clients is quite different.
Mike Palmer, managing principal at Ark Royal Wealth Management in Raleigh, N.C., said he finds Schwab’s adviser system clunky. But he doesn’t plan to move his clients’ assets anytime soon.
“Most RIAs are not going to change custodians unless it’s the equivalent of a compound fracture,” he said. “Unless the bone is sticking through the skin, we’re not going to change our custodian.” Find the full article here (soft paywall).