Bernie Clark is named headof Schwab Advisor Services.
Walt Bettinger is named Schwab CEO. Schwab strikes deal to sell wealthunit U.S. Trust to Bank of America.
Ameritrade buys TD Waterhousefrom Toronto-Dominion Bank andrenames the firm TD Ameritrade,with TD Bank keeping a ~40% stake;begins to push asset gathering andads with actor Sam Waterston.
Schwab introduces commission-free funds; buys OptionsXpressand Compliance11.
Schwab offers commission-freeonline trading of its own ETFs.
Schwab buys the 401(k) Company andGlobal Real Analytics.
TD Ameritrade and E-Tradereportedly hold merger talks.
Rickets says he will step down as TDAmeritrade’s chairman; Joe Mogliais set to take his place; Fred Tomczykis named president and CEO.
TD Ameritrade adds complexoptions, futures and foreignexchange trading to its platform.
TD Ameritrade buys thinkorswimGroup, which includes brokerageand investor education businesses.
road … . The tougher work is ahead because, of course, long-
term it doesn’t make sense to maintain two separate, but simi-
Since November when the acquisition was announced,
Schwab said it “would carefully evaluate the existing technolo-
gies from each firm as part of a single, unified, world-class plat-
form that combines the great capabilities, education and service
clients enjoy at both firms,” according to a spokesperson.
“We are committed to leveraging material advantages in TDAmeritrade’s platforms when doing so enables us to deliver adifferentiated experience to all of our clients. That commitment drove this decision,” the firm added in a statement. AsBradley explained earlier in the year, Schwab’s plan is to “comeup with a best-of-breed platform.”
Who gets to influence the full integration of technology andoperations over the next 18-36 months, i.e., through April 2022at the earliest and October 2023 at the latest? The cards havebeen dealt and, as some observers expected, Schwab executives have ended up with the winning hand.
On Oct. 9 — about two months after Schwab announced itstechnology plans and three days after it closed the transaction — it explained that the 19-member Schwab ExecutiveCouncil, which includes CEO Walt Bettinger and ChairmanChuck Schwab, would lead the firm.
“As result of these decisions, the following members of TD
Ameritrade Senior Operating Council (SOC) will be leaving
the company,” according to a memo. These executives are:
• Steve Boyle, interim president and chief executive officer;
• Prashant Bhatia, managing director, Enterprise Strategy &Corporate Development;
• Peter deSilva, president, Retail;
• Karen Ganzlin, executive vice president, chief humanresources officer;
• Spyro Karetsos, chief risk officer;
• Tom Nally, president, TD Ameritrade Institutional;
•Steve Quirk, executive vice president, Trading and
• Vijay Sankaran, chief information officer
“These respected professionals have played an important
role in TD Ameritrade’s remarkable achievements and demon-
strated a deep commitment to the success of this transaction,”
The TD Ameritrade senior executives joining Schwab,
according to a report in RIABiz, are:
•Kim Hillyer, managing director of Corporate
• James Kostulias, managing director of Integration Office;
• Lee McAdoo, managing director of Business;
• Jon Peterson, interim chief financial officer; and
The Competitive Landscape
• Andrew Yolin, interim chief marketing officer
In July, Dani Fava — then head of innovation for TD
Ameritrade Institutional — left the firm and became head of
strategic development for Envestnet. In August, Skip Schweiss,
managing director of Retirement Plan Solutions and Advisor
Advocacy for TD Ameritrade Institutional, also departed.
Peter Mallouk, president of Creative Planning, says that theRIA he leads works with all four large custodians — Schwab,TD Ameritrade, Fidelity and Pershing.
Looking at the custodial business of the past few years,“When TD bought Scottrade and then Schwab bought TD,