I’ve been with Scottrade since early 2010, back when I first excitedly (and naively) opened my brokerage account.
Wasn’t totally sure what to expect at first. And I went into investing without much thought. In fact, I spent more time researching brokerages than I did investing/stocks. Rookie mistake.
But I knew I had to make some changes in my life. And I had a high degree of confidence that investing in businesses was the right path.
I started off investing in random stocks that seemed like “good ideas”. Truth be told, I had no idea what I was doing.
Fortunately, I quickly realized the error of my ways, and I sold out of everything. I took some time to extensively research what I was getting into. Knowledge is power. And I absorbed as much as I could before getting started again.
The stock market has been good to me since. I’ve put my capital to work with high-quality dividend growth stocks, eventually amassing the portfolio I now control.
Scottrade has also been good to me. They’ve answered questions when I’ve had them. Their customer service has been excellent. And they’ve faithfully and accurately executed everything I’ve asked for. There were never any questions or concerns over the safety or security of my assets. And so I’ve been able to otherwise go about my life.
However, things change. And so we must sometimes change, too.
Scottrade announced some time ago that they were being acquired by TD Ameritrade.
As a long-term and fairly lethargic investor, this news didn’t really cause me any trouble. TD Ameritrade is a reputable firm, just like Scottrade. And as a shareholder in Toronto-Dominion Bank (TD) (which owns part of TD Ameritrade), I felt pretty comfortable with the idea of using a product I own a slice of.
However, I also felt that I would be remiss if I didn’t at least explore what options I might have and what benefits might come my way if I were to want to move the account elsewhere. After all, it was going to be moved to a different platform one way or another.
After some research, I found out that Charles Schwab is currently (as of this writing – that may change, so check directly with Charles Schwab) offering something really unique.
They’re offering one year of free equity trades for every year of tenure earned with Scottrade.
Since I’ve been with Scottrade for over seven years, I’m going to get free trades until almost 2025.
Moreover, Charles Schwab is now cheaper (for equity trades) than both Scottrade and TD Ameritrade (if/when I ever have to pay for trades again), and it offers a high-quality platform backed up by renowned customer service.
So it’s really a win-win across the board.
I’ve recommended many readers over to Scottrade over the years. That’s because I walk the walk. I personally used them and thoroughly enjoyed the service they brought to the table. My experience was nothing less than excellent. I’m not going to recommend a brokerage I don’t personally use.
But with current Scottrade customers having no choice other than to eventually migrate to a new platform (which will be TD Ameritrade if you do nothing), it probably behooves one to investigate the best available options today.
In the interest of being forthright, I just wanted to share this offer with any readers out there who have been with Scottrade for many years, as a substantial windfall of free trades could be available. Of course, I cannot and will not guarantee the accuracy of this offer as it pertains to any individual, so checking directly with Charles Schwab is recommended.
ETA: You can find details on Charles Schwab’s offer (for as long as it exists) here.
Full Disclosure: I’m long TD.
Thanks for reading.
Image courtesy of: Charles Schwab.