On the heels of its announcement about the planned acquisition of TD Ameritrade, Charles Schwab has hired a former TD Ameritrade executive to oversee the firm’s smaller advisor services business, Schwab says.
The company has named Tom Bradley as senior vice president of the unit’s Core segment, which offers custodial support services to independent RIAs with up to $100 million in assets under management, Schwab says in a press release.
He will report to Bernie Clark, head of Schwab Advisor Services, according to the company.
Bradley spent three decades at TD Ameritrade, including a 12-year stint as president of its institutional business, Schwab says. He had served as president of the company’s retail distribution unit for more than five years when he left TD Ameritrade in September 2017, according to the press release.
Schwab agreed to acquire TD Ameritrade for around $26 billion late last month, with the deal scheduled to close in the second half of 2020, pending regulatory and shareholder approvals. Once the deal closes, Bradley will also help oversee the integration between the two firms’ advisor services units, Schwab says.
Earlier this month, executives at the two companies told FA-IQ that it’s too early to know how many of the 15,000 RIAs they represent already use both custodians.