TD tabs Dorsey as head of institutional sales

Peter Dorsey has taken over as head of sales for TD Ameritrade Institutional, the company said on Friday. Mr. Dorsey, most recently director of sales for the firm's Western region, replaces the top sales spot left vacant last month after former head of sales, Tom Nally, was promoted to president of the custody unit. Mr. Dorsey has been with TD Ameritrade Institutional for more than seven years, the company said. He has been involved in the independent RIA space for nearly 15 years in prior roles at Fidelity and Bear Stearns. In his new post, Mr. Dorsey will oversee adviser recruitment, practice management consulting, relationship management and sales strategy. The firm's sales division has about 100 employees, including six regional sales directors. Mr. Dorsey, based in San Clemente, Calif., will relocate to San Diego in the next several months, where the company has an operations center, Mr. Nally said. "He's a really solid person, a great strategic thinker, a good team builder and has a lot of respect in the community," Mr. Nally said in an interview. Mr. Dorsey was not immediately available for comment. The company has started a search to find a replacement for Mr. Dorsey, and will consider both internal and external candidates, Mr. Nally said. TD Ameritrade Institutional, No. 3 among RIA custodians in terms of assets, has positioned itself as a more aggressive and flexible provider than its larger competitors. "Our flexibility is really something we've prided ourselves on," Mr. Nally said. "What we try not to do is say, 'It's not our policy, we can't do it.'" The company has no plans to change its recruitment strategy, Mr. Nally said. TD Ameritrade Institutional serves more than 4,000 advisers who custody about $175 billion at the firm.