While Skip Schweiss doesn’t have a “landing spot” yet after his departure in early Augustfrom TD Ameritrade, he told InvestmentAdvisor that Charles Schwab’s acquisitionplayed a part in his decision to leave.
“There’s going to be a long process of
integrating those two firms,” Schweiss
said. “Schwab acquired 12 million cus-
Along with those new accounts,
Schwab also is bringing on board some
of TD Ameritrade’s technology applica-
tions, so “there’s going to be a long peri-
od, a couple years, of integration work.”
Schweiss — who was managing direc-
tor, Retirement Plan Solutions and Advisor
Advocacy at TD Ameritrade — said he
spent two years helping the firm transition
some of its institutional retirement plan
business, which included a “legacy prod-
uct line,” to Broadridge last year. The final
stages of that transition ended in June.
“With the Schwab [acquisition] pend-
ing as well,” he said, “I just felt that it
was time for me to move on.”
At 58, Schweiss says he’s “ready for a
little break” but is “looking forward to
He has “multiple” conversations daily
with firms about possible roles, including
what he’s most interested in — advocacy.
“I really enjoy the advocacy work,”
Schweiss said. “There aren’t very many
people that are deeply engaged in that
work. … I would like to stay involved in
that, and I’m talking to a couple firms
with work in that area.”
When asked if any potential positions
would conflict with his upcoming role
as president of the Financial Planning
Association, Schweiss stated: “I don’t
think any anticipated roles would have any
conflicts with the [FPA] responsibilities.”
As president-elect this year, Schweiss
said he’s “in the co-pilot seat and learn-
ing the ropes among the executive board
He’ll become FPA president in 2021
and then become FPA’s board chairman
FPA, Schweiss said, will continue topush for a restoration — and expansion— of the deductibility of fees on professional investment and financial planning advice that was repealed with thesweeping tax overhaul enacted in 2017.
“In the current environment, peopleneed financial planning more than ever,”Schweiss said.
As for the Securities and ExchangeCommission’s Regulation Best Interest,Schweiss reiterated his opinion thatwhile it does “raise the standard of carefor brokers … it also confuses the public.”
A believer that “there’s room forboth” advisors and brokers, Schweisssaid that both business models “providevaluable services to the marketplace;I think consumers should understandthe differences between the two and Idon’t think Reg BI accomplishes that — Ithink it takes a step backwards.”
RIA LESSONS & LEADERS
By Melanie Waddell, Janet Levaux and Ginger Szala
Skip Schweiss, Leaving TD Ameritrade,
Mulls Next Move
Facing a long integration with Schwab, “I just felt that it was time
for me to move on,” he tells Investment Advisor.
Tibergien Joins Board of $20B RIA
Mark Tibergien, the former head of theRIA custody business for BNY Mellon’sPershing, has started his first gig sinceleaving that post onJune 1.
The popularindustry speakerand writer is nowa board member ofPathstone, a $20billion RIA andfamily office in Englewood, New Jersey,which recently gobbled up CornerstoneAdvisors of Bellevue, Washington.
“I am excited to join the board of
Pathstone,” said Tibergien, in a state-
ment. “I have known Pathstone and
the team for many years and have
watched them grow and be recog-
nized as an innovating force in the
family office and wealth management
Tibergien, who was with Pershing for
about 13 years, joins Ron Cordes of the
Cordes Foundation, which is focused
on impact investing, as an independent
Pathstone board member.
In May just ahead of his exit fromPershing, Tibergien told Investment