Shakeup at Schwab as veteran leader Bernie Clark retires

Shakeup at Schwab as veteran leader Bernie Clark retires
The investing behemoth unveiled a slate of executive departures, including its longtime head of advisor services, as part of its succession planning strategy.
MAY 16, 2024

It’s the end of an era at Schwab as the investing giant announces a series of executive transitions, including the retirement of its head of advisor services, as part of its long-term succession planning.

On Thursday, the firm announced that Bernie Clark, head of advisor services, will be stepping down on June 28, transitioning into an advisory role to the firm’s leadership.

Clark, a 25-year Schwab veteran, has been a leading force in growing Schwab’s advisor business for most of the past 15 years, including its acquisition of TD Ameritrade in 2020.

“Looking back to the first year I led this business, we custodied $650 billion in assets on behalf of independent advisors. That number is over $4 trillion today – a total testament to you — and proof of what I always say – your success is our success,” Clark said in an internal letter to clients reviewed by InvestmentNews.

Jon Beatty, who’s been with Schwab for more than 20 years and is currently its chief operating officer of advisor services, will take over Clark’s role and join the firm’s executive council.

Managing director Tom Bradley, who held various independent advisor and retail leadership at Ameritrade and joined Schwab after its acquisition in 2020, will be elevated to chief client officer for advisor services, reporting to Beatty.

“Bernie suggested that with the Ameritrade integration for advisors complete, it was time to make a transition,” Walt Bettinger, co-chairman and chief executive officer, said in a statement. “His impact on the independent investment advisor industry is arguably unmatched.”

Schwab also announced that Peter Crawford, chief financial officer since 2017, will retire after a 22-year career at Schwab. He will be succeeded by Mike Verdeschi, who’s joining the firm on May 20 as managing director and deputy chief financial officer. Verdeschi is expected to be appointed chief financial officer after a transition period.

“Peter’s leadership has been central to Schwab’s evolution,” Bettinger said, noting how Crawford’s “deep understanding of [Schwab’s] business” leaves the firm poised to succeed in the long term.

Joe Martinetto, the firm’s chief operating officer, is also moving from his role to become executive chairperson of the Schwab banks. Martinetto, who has served Schwab for over 25 years in leadership roles including chief financial officer and treasurer, played a key role in integrating former Ameritrade clients to Schwab.

The firm isn’t planning a successor for Martinetto, instead dividing his responsibilities among other leaders.

“Joe’s knowledge of the firm, the markets, and finances is unmatched,” Bettinger said. “I’m grateful for the extraordinary work Joe has done.”

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