Charles Schwab has teamed up with TD Ameritrade for a new platform targeting retail traders. Dubbed "Schwab Trading Powered by Ameritrade", the offering combines the capabilities of Ameritrade's 'thinkorswim' trading platforms with Schwab's existing trading features on Schwab.com and Schwab Mobile.

James Kostulias, the Managing Director and Head of Trading Services at Charles Schwab said: "When you're backed by robust, innovative trading technology, it makes a difference. And that applies to both sophisticated traders as well as those who are just starting out."

"Schwab Trading Powered by Ameritrade is much more than just the merging of great trading functionality that already existed at Schwab and TD Ameritrade. It's a super-charged, holistic retail trading experience that surpasses its predecessors and makes Schwab the clear destination for trading."

Charles Schwab Enhances Retail Trading Experience

Besides that, this partnership is complemented by an extensive educational infrastructure and specialized services. The platform features educational resources, such as articles, videos, podcasts, live events, courses, and learning paths from TD Ameritrade. Recently, Schwab introduced a library of content focusing on explaining the 'thinkorswim' platforms, online trading courses, and interactive webcasts through Schwab Coaching.

Additionally, Schwab Trading Powered by Ameritrade offers specialized support through Schwab's Trade Desk, staffed by experienced professionals, including former floor traders. According to the firm, this team is well-versed in addressing traders' unique needs, from setting up complex trading strategies to offering guidance on potential trade outcomes.

Schwab Trading Powered by Ameritrade aims to provide traders with a comprehensive experience. They can access Schwab's full range of wealth management, banking, financial advisory services, and more. The platform reportedly represents an evolution in the retail trading sector, combining the strengths of the two firms.

Expanding Services amid Economic Challenges

Meanwhile, Charles Schwab has released its financial results for the third quarter of 2023, reporting a net income of $1.1 billion. This figure is lower than the $2 billion reported in the same quarter of the previous year.

Charles Schwab's Co-Chairman and CEO, Walt Bettinger, commented: "Against a very challenging economic and geopolitical backdrop, investors continued turning to Schwab as a trusted partner and a wealth management leader. It is truly humbling to see our clients award us with near-record Client Promoter Scores and allow us the privilege to help them move toward their financial goals, particularly during a period where the U.S. government narrowly avoided a shutdown."