As Charles Schwab continues to work through its integration of TD Ameritrade, one of the leaders behind TD’s celebrated technology strategy is leaving for Apex Fintech Solutions.
Jon Patullo, a 26-year veteran in adviser fintech, will join Apex as chief product officer in the fourth quarter of 2022. He will lead product strategy for Apex Advisor Solutions, Apex’s business focused on financial advisers.
Since joining TD Waterhouse in 1996, Patullo has worked in electronic trading, customer service, technical support and software development. As managing director of technology platform management at TD Ameritrade, Patullo oversaw the strategic direction of adviser-facing technology and spearheaded the open-architecture approach to third-party integrations that made TD a favorite among fintech startups and tech-savvy advisers. Patullo helped launch the Veo, Veo Open Access and Veo One custodial technology platforms.
Patullo joined Schwab following the acquisition of TD in 2020, and most recently served as managing director of digital trading and wealth management.
At Apex, Patullo will collaborate with Olivia Eisinger, the general manager of advisory solutions.
“Apex is on a mission to help growth oriented advisory firms modernize their businesses and the experience they offer their clients,” Eisinger said in a statement. “Jon has made incredible contributions to the RIA industry, and we are excited about his passion to continue raising the advisory technology bar.”
Many popular fintech startups — including Wealthfront, Robinhood and Stash — were built on top of Apex’s digital native custody and clearing platform. Betterment and SoFi’s robo-adviser still use it.
However, the company is looking to grow among traditional registered investment advisers. The company has made partnerships with several adviser-facing fintech providers, most recently working with Orion Advisor Solutions to power new digital account opening.
“I deeply admire Apex’s thoughtful approach to harnessing the power of modern technology solutions to help RIA firms and leading fintech businesses that aim to provide an advised offering to their customer base while enhancing the solutions they provide their clients,” Patullo said in a statement.
In the wake of the TD-Schwab deal, many smaller custodians see an opportunity to attract RIAs who may be looking to move elsewhere. Apex has promoted its digital prowess as an advantage over other custodians and bringing Patullo’s experience in adviser technology could be a huge asset for the company, said Tim Welsh, president of Nexus Strategy.
“Huge win for Apex to bring in the experience and knowledge from the former TD Ameritrade Veo platform leader that had such a dramatic impact on RIA efficiency and led to market share gains,” said Tim Welsh, president of Nexus Strategy. “Particularly at this extremely vulnerable period of time for Schwab, we could see hundreds of billions of dollars leave Schwab for Apex as they enhance their custodial front end.”
A spokesperson for Schwab confirmed Patullo's departure and wish him well but declined to comment further as a matter of policy.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
