With TD Ameritrade about to acquire Scottrade, Tom Bradley is out

Company felt it needed a top manager from Scottrade in merged company

Sep 8, 2017 @ 1:50 pm

By Bruce Kelly

With TD Ameritrade Holding Corp.'s acquisition of Scottrade Financial Services Inc. almost done, there was no room left in senior management for Tom Bradley, TD's current head of retail but an executive widely recognized as one of the main leaders and advocates for years of the registered investment adviser industry.

TD Ameritrade on Thursday said that Peter deSilva was joining its senior executive team as president of retail distribution.

TD Ameritrade and its largest stakeholder, Toronto-Dominion Bank, said last October that it had agreed to buy Scottrade Financial Services for $4 billion, combining two of the largest online brokerages while expanding the U.S. operations of Canada's second-largest lender. TD Ameritrade expects the merger to close by the end of this month.

In his mid-fifties, Mr. Bradley's future plans are not clear, according to TD Ameritrade spokesperson Kim Hillyer.

As part of planning for the successful merger of the two, Tim Hockey, president and CEO of TD Ameritrade, needed representation from Scottrade on the management team, said Ms. Hillyer. "Having someone from Scottrade in that position made sense," she said, adding that Mr. Bradley's legacy at the firm was deep. He was a leader in building the firm's institutional or RIA custody business, and was well known as an advocate for RIAs, she said.

In 2012, Mr. Bradley left TD Ameritrade's RIA business, known as , after 20 years to become the head of retail. Tom Nally replaced Mr. Bradley at the time, and he remains in that position. Mr. Bradley has been at the company in various roles for 31 years.

TD Ameritrade Institutional — one of the big four custodians, along with Fidelity Clearing and Custody Solutions, and Pershing Advisor Solutions — shares a piece of an estimated $2.5 trillion in custody assets among the biggest players.

TD does not make public its assets under custody, but reports 5,000 registered investment adviser clients.

From the late 1990s until he left the RIA business in 2012, Mr. Bradley was on of a handful of executives at the custodians who shepherded RIA clients from small, one- or two-man shops managing tens of millions of dollars of client assets to thriving businesses that now manage hundreds of millions or even billions of dollars, industry observers noted.

"Over that time, the RIA community grew from a scattered gathering of small business to an industry trying to find a way to serve clients and sizable, sophisticated firms that today are attracting private equity money and investors," said Philip Palaveev, CEO of The Ensemble Practice, a consulting firm. "Certainly, Tom Bradley was one of the leaders in the industry whose voice was very respected."

Mr. Palaveev included Mr. Bradley with Schwab's Bernie Clark, Charles Goldman, formerly with both Schwab and Fidelity, and Mark Tibergien of Pershing as a key leader for the industry.

"Back then, in the early 2000s, the large custodians had the talent and resources and RIAs were looking to them for guidance," he said. "Now, those same RIAs have talent and resources."

0
Comments

What do you think?

View comments

Recommended for you

All of the noise in the District of Columbia is distracting your clients. Ben Phillips of Event Shares explains what deserves your attention (and what doesn't) as we head into 2018.

Recommended Video

Channels

Latest news & opinion

Capital Group, sponsor of American Funds, wins 401(k) lawsuit

Decision comes as financial services companies, especially those focused on active management, have been sued for self-dealing.

SEC considers barring aggrieved investors from suing companies

Swept up by pro-business zeitgeist, regulator seeks to reverse two-decade slump in U.S. stock listings.

Wells Fargo, Morgan Stanley use contrary tactics to keep advisers

Wells is helping brokers transition to independence within the firm, while Morgan is taking them to court.

Fidelity pushes Vanguard to compete on brand in 401(k) plans

With Fidelity imposing an additional fee, Vanguard likely will look less attractive compared with comparably priced index-fund providers, advisers said.

Goldman's measure of risk appetite hits record

Global stocks and U.S. Treasuries are seeing their most "extreme" start to a year ever, bank says.

X

Hi! Glad you're here and we hope you like all the great work we do here at arjuna-design. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting arjuna-design.com? It'll help us continue to serve you.

Yes, show me how to whitelist arjuna-design.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Last News

lowest expense ratio etf 288 gto conversion tax exempt etf enroll in medicare part b templeton global total return bond fund fidelity total bond index does bank of america own merrill lynch lord abbett alpha strategy fund junk bonds interest rates multicap growth fund vanguard vtivx t rowe price institutional mid cap equity growth fund blackrock us large cap equity index fund loomis sayles strategic income fund class c cashing in whole life insurance for cash value social security benefits from divorced spouse john hancock life insurance company ratings western asset core plus bond fund collecting social security from ex spouse what is a variable annuity fund information on reverse mortgages for seniors taking lump sum from pension early what is the meaning of decanting are home equity lines of credit tax deductible medicare part b deduction from social security check turbo tax charges for state return ex spouse survivor benefits t rowe price corporate address american funds aggressive growth vanguard limited term tax exempt fund medicare social security tax rate dodge and cox fund age limit for ira contributions capital gains tax deductible expenses filing for medicare at age 65 do i need to report roth ira on taxes who can collect social security death benefit merrill edge 529 review