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Schwab’s $26 billion purchase of TD Ameritrade raises several issues for RIAs, especially for smaller firms with assets under $150-$200 billion.

Many of those advisors use TD Ameritrade as their custodian and at this point don’t know whether Schwab will choose to retain TD’s custodial platform or its own.

“I can’t imagine that Schwab will retain both platforms,” said Alois Pirker, research director at Aite Group. “You will lose capabilities that are specific to one or the other platform if that platform is not chosen.”

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