Ever since Charles Schwab announced its acquisition of rival TD Ameritrade, independent financial advisors have speculated the merger might lead to an erosion of service at the companies’ RIA custody units. This week, Schwab executive Tom Bradley acknowledged there were service issues earlier this year but said they were tied to unexpectedly high demand, not the TD integration, which has yet to take place. Both Schwab’s and TD’s custody businesses are hiring service staff “aggressively” to keep up with demand, he said.
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