Charles Schwab, the largest publicly traded discount brokerage firm and of the largest custodian of 401(k) plan assets has agreed to acquire TD Ameritrade for an all-stock transaction valued at $26 billion. The deal brings together two of the largest brokerage firms, with assets totaling north of $5 trillion, and is expected to close in the second half of 2020.
We have seen a tremendous consolidation in the third party administration and advisory businesses, so it should come as no shock that there would be consolidation in the brokerage/custodial business.
All I can say is expect more deals like this in the future.