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.
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