Advisors who set up recurring withdrawals at TD (e.g., in Veo One) to occur at the beginning of each month, quarter, or year need to beware. With the transition to Schwab, those scheduled January withdrawals will take effect in December instead. In IRAs, this may mean the withdrawal will apply to the wrong tax year (2023 instead of 2024) and will not count toward 2024 RMDs as expected.
Details are on Advisor Perspectives: https://www.advisorperspectives.com/articles/2023/11/20/td-schwab-tax-coming-january-nathan-dutzmann
If you know any advisors whose client accounts recently transitioned to Schwab, please help spread the word!
DISCLOSURES: All content is provided solely for informational purposes and should not be considered an offer, or a solicitation of an offer, to buy or sell any particular security, product, or service. Round Table Investment Strategies (Round Table) does not offer specific investment recommendations in this presentation. This article should not be considered a comprehensive review or analysis of the topics discussed in the article. Investing involves risks, including possible loss of principal. Despite efforts to be accurate and current, this article may contain out-of-date information; Round Table will not be under an obligation to advise of any subsequent changes related to the topics discussed in this article. Round Table is not an attorney or accountant and does not provide legal, tax or accounting advice. This article is impersonal and does not take into account individual circumstances. An individual should not make personal financial or investment decisions based solely upon this article. This article is not a substitute for or the same as a consultation with an investment adviser in a one-on-one context whereby all the facts of the individual’s situation can be considered in their entirety and the investment adviser can provide individualized investment advice or a customized financial plan.