One of the biggest items of news in the investment world today is that Charles Schwab (SCHW  ) is set to buy TD Ameritrade (AMTD  ) for $26 billion.

This acquisition, expected to close later into 2020, will consolidate two investment giants. As Schwab leads their services with an offer of commission-free trades, it's expected that this move will continue to change the shape of investing.

The total number of brokerage accounts held by Charles Schwab, once its acquisition of TD Ameritrade is complete, will come to 24 million. Total assets held will be over $5 trillion, $1.3 trillion with TD Ameritrade and the remaining $3.8 trillion by Schwab.

At $5.1 trillion, Schwab and TD Ameritrade will beat Morgan Stanley (MS  ), Bank of America (BAC  ), and JP Morgan Chase (JPM  ), and will fall in third behind Fidelity and Vanguard, according to CNBC.

To put this into a larger perspective, out of the total amount of retail assets of clients held in the financial services industry, this consolidation will account for 11% of that total.

Walt Bettinger, CEO and president of Schwab, believes this will solidify the company as a leader for the long haul. "We believe the combination of our two great companies positions us to be competing and winning in the investment services business for the long run - the very long run."

According to Wells Fargo's senior analyst Mike Mayo, this move will establish "a Goliath in Wealth Management."

Schwab plans to move forward with offering commission-free trades on U.S. stocks and exchange-trade funds (ETFs). Bettinger says, "Our view is that this is a great deal for the consumer ... We've been doing nothing but driving down costs for decades."

In the meantime and in light of the deal, Stephen Boyle, current TD Ameritrade CFO, has stepped in as interim president and CEO of TD Ameritrade to replace current CEO Tim Hockey early next year.

Boyle stated Monday that "Partnering with Schwab on this transformative opportunity makes the right strategic and financial sense for TD Ameritrade...[Schwab] shares our relentless focus...together, we can deliver the ultimate client experience for retail investors and independent registered investment advisors. We can continue to challenge the status quo, pooling our resources and expertise to transform lives--and investing--and deliver sustainable, long-term value to our stakeholders."