Tom Nally out at TD Ameritrade

Tom Nally out at TD Ameritrade
The longtime president of its institutional business is leaving the company, coinciding with its acquisition by Charles Schwab
OCT 09, 2020

TD Ameritrade Institutional president Tom Nally has left the company just as its sale to Charles Schwab closed earlier this week.

Nally is among a handful of other high-level TD executives who are exiting, according to Schwab spokesperson Rob Farmer. “Select members of TD Ameritrade Senior Operating Council will be leaving the company, including Tom Nally,” he said.

Nally, who had previously announced his eventual departure, had been at TD Ameritrade for nearly 27 years, starting as a managing director, and had been president of the institutional business since 2012, according to his LinkedIn profile. The departures were first reported by WealthManagement.com.

The combined firm, which oversees about $6 trillion in client assets, “will be led by the current 19-member Schwab Executive Council including CEO Walt Bettinger and Chairman Chuck Schwab,” the spokesman said in an email.

The full integration of the two massive firms is expected to take as long as three years, Bernie Clark, head of Schwab Advisor Services, said during an press conference Tuesday.

So far, that integration includes “aligning the organizational structures of Schwab and TD Ameritrade,” Farmer said Friday.

Ahead of the sale, there have been several other high-level departures from TD Ameritrade, including institutional product specialist Dani Fava, who now works for Envestnet; Skip Schweiss, formerly the president of TD Ameritrade Trust Cos., who is on deck to become the next president of the Financial Planning Association; and, former longtime spokesperson Joseph Giannone, who is joining Dow Jones.

During the integration process, the two firms will continue to operate separately, the company said earlier this week.

Latest News

Advisor moves: RBC lands $1B UBS team in Pittsburgh
Advisor moves: RBC lands $1B UBS team in Pittsburgh

Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL

GWG’s Heppner hires Puff Daddy’s attorneys as criminal sentencing looms
GWG’s Heppner hires Puff Daddy’s attorneys as criminal sentencing looms

According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.

Investors accuse Broadstreet fund of alleged billion-dollar 'Ponzi-like' scheme
Investors accuse Broadstreet fund of alleged billion-dollar 'Ponzi-like' scheme

A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.

Lawsuit alleges Skechers founders manipulated $9.4B buyout to shortchange investors
Lawsuit alleges Skechers founders manipulated $9.4B buyout to shortchange investors

Insiders allegedly rewrote projections three times in four days.

Fintech bytes: FINNY signs Visionary Square for pay-as-you-go AI prospecting program
Fintech bytes: FINNY signs Visionary Square for pay-as-you-go AI prospecting program

TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor