TD Ameritrade is no longer an independent company. It is fully owned by Charles Schwab Corporation, which completed its acquisition of the discount brokerage on October 6, 2020.
TD Ameritrade was a major American brokerage that let everyday investors trade stocks, options and mutual funds, and before the Schwab deal it was itself roughly forty percent owned by TD Bank Group, with the rest of its shares trading publicly on Nasdaq under the ticker AMTD.
The company was founded in 1975 in Omaha, Nebraska by Joe Ricketts as First Omaha Securities, and it grew over the following decades into one of the largest online brokerages in the country before Schwab twenty six billion dollar all stock acquisition closed in 2020.
So what actually happened to TD Ameritrade, its client accounts and its popular thinkorswim trading platform after the biggest deal in discount brokerage history?
This article looks at TD Ameritrade ownership history, its founder and leadership, how the Schwab acquisition unfolded, its final financial figures as an independent company, the retirement services it once offered, and where former customers get support today.
So let us get started.
Table of Contents
What TD Ameritrade Actually Was
TD Ameritrade was a major American brokerage firm that let everyday investors buy and sell stocks, bonds, options, mutual funds and exchange traded funds online.
The firm also offered retirement accounts, including traditional and Roth IRAs, plus education savings accounts, margin trading and cash management tools.
Many active traders knew the company through thinkorswim, its advanced trading platform. Charles Schwab still runs thinkorswim today under the Schwab brand.
Company Overview
| Company | TD Ameritrade Holding Corporation |
| Founded | 1975, as First Omaha Securities |
| Founder | Joe Ricketts |
| Headquarters | Omaha, Nebraska |
| Former Ticker | Nasdaq: AMTD |
| Acquired By | Charles Schwab Corporation |
| Acquisition Closed | October 6, 2020 |
Ownership and Parent Company History
TD Ameritrade traces back to 1975, when a young entrepreneur named Joe Ricketts started First Omaha Securities in Omaha, Nebraska, one of the earliest discount brokerages in the country.
The firm was renamed Ameritrade in 1988 and grew quickly through the rise of online trading in the 1990s and 2000s. It went public and traded independently for years.
In 2006, Ameritrade merged with TD Waterhouse USA, a unit of Toronto based TD Bank Group. The combined company took the name TD Ameritrade, and TD Bank Group became its largest shareholder with a stake near forty percent.
That structure held until November 2019, when Charles Schwab announced an all stock deal worth roughly twenty six billion dollars to buy the rest of TD Ameritrade. The transaction closed on October 6, 2020.
Independent, founded by Joe Ricketts
TD Bank Group held about 40 percent, public float held the rest
Fully owned by Charles Schwab Corporation
Was TD Ameritrade Public or Private, and Who Were Its Shareholders
TD Ameritrade traded publicly on the Nasdaq stock exchange under the ticker AMTD from its early Ameritrade days until the Schwab deal closed in 2020.
TD Bank Group was consistently the largest single shareholder, generally holding between thirty eight and forty two percent of outstanding shares in the years before the merger, according to public filings.
When the Schwab acquisition closed, TD Bank Group received new Charles Schwab shares in exchange, temporarily making it one of the largest shareholders of the combined Schwab company.
TD Bank Group later sold its entire remaining stake in Charles Schwab in 2024, exiting the investment completely, as reported by Providence Business News.
CEO and Founder
Joe Ricketts founded the company in 1975 and led it for decades before stepping back from daily operations. He remains known publicly for later purchasing the Chicago Cubs baseball franchise with his family.
Fred Tomczyk served as CEO through much of the 2010s, and Tim Hockey led TD Ameritrade as president and chief executive at the time the Schwab acquisition was completed in 2020.
Once the deal closed, TD Ameritrade ceased to exist as a standalone company with its own chief executive, and its operations folded into Charles Schwab leadership.
Acquisition History and What Happened to the Brand
Charles Schwab announced its agreement to acquire TD Ameritrade in November 2019 in an all stock transaction valued at approximately twenty six billion dollars.
Regulators approved the deal in 2020, and it officially closed on October 6, 2020, according to Charles Schwab newsroom.
Client accounts were gradually migrated from TD Ameritrade systems onto the Schwab platform over the following two years, with the full technology conversion finishing in 2023.
The TD Ameritrade brand name and website no longer operate for new customers. The thinkorswim trading platform survived the transition and is now offered directly through Schwab.
If you want to understand where former TD Ameritrade accounts live today, our guide on who owns Interactive Brokers compares how a competing discount broker is structured.
Financials Before the Merger
In its final years as an independent public company, TD Ameritrade reported client assets of more than one trillion dollars and roughly eleven million funded client accounts, based on figures cited around the time of the Schwab announcement.
Investors should note client assets are not the same figure as company revenue. TD Ameritrade reported annual net revenue in the range of five to six billion dollars in its last full fiscal years as a standalone company.
Retirement and Investment Services It Offered
TD Ameritrade offered traditional IRAs, Roth IRAs, rollover IRAs and small business retirement plans such as SEP IRAs for self employed clients.
It also offered standard taxable brokerage accounts, margin accounts, options trading approval tiers, and a robo advisory product called Essential Portfolios.
General guidance is educational only. Anyone with a former TD Ameritrade or current Schwab account facing a rollover or retirement decision should speak with a qualified financial or tax professional about their specific situation.
For comparison, our overview of who owns Fidelity Investments looks at another large retirement account provider with a very different ownership structure.
Customer Service and Contact Information
TD Ameritrade no longer accepts new customers under its own name. Former TD Ameritrade clients are now served through Charles Schwab customer support channels.
Anyone with legacy TD Ameritrade account questions should contact Charles Schwab directly through the official Schwab website rather than searching for old TD Ameritrade contact numbers, since those lines have been retired or redirected.
TD Ameritrade Headquarters
TD Ameritrade was headquartered in Omaha, Nebraska, where it remained based from its earliest days as First Omaha Securities through the close of the Schwab acquisition.
Charles Schwab maintained an Omaha operations presence after the merger even though Schwab itself is headquartered in Westlake, Texas.
Is TD Ameritrade Still Worth Using Today
Because TD Ameritrade no longer exists as an independent company, the practical question for most people is whether the Charles Schwab platform that replaced it is worth using.
According to Wikipedia, the migration folded TD Ameritrade client accounts, tools and the thinkorswim platform fully into Schwab by 2023.
Reviewers generally viewed the transition positively for active traders because thinkorswim survived, though some longtime TD Ameritrade users noted a learning curve adjusting to Schwab own account interface.
Frequently Asked Questions About TD Ameritrade
Who owns TD Ameritrade now
TD Ameritrade is fully owned by Charles Schwab Corporation. The acquisition closed on October 6, 2020, and TD Ameritrade no longer operates as a separate company.
Did TD Bank own TD Ameritrade
Yes. TD Bank Group owned roughly forty percent of TD Ameritrade from 2006 until the 2020 Schwab merger, while the remaining shares traded publicly.
Is thinkorswim still available after the TD Ameritrade Schwab merger
Yes. The thinkorswim trading platform survived the transition and is now offered to eligible clients directly through Charles Schwab.
What happened to TD Ameritrade accounts
TD Ameritrade accounts were migrated onto the Charles Schwab platform in phases, with the full technology conversion completed in 2023 according to Schwab company statements.
I am Jack Neel, a mechanical engineer, researcher, and writer. I created this website to share my knowledge about different brands and products with you. I research the manufacturers behind the brands and provide you with the information you need to make smart buying decisions.