TD's new sales head wearing two hats while his replacement is sought

Peter Dorsey, the new head of sales for TD Ameritrade Institutional, is still overseeing the firm's Western region as the company continues to search for his replacement. “For the time being, I'm wearing two hats,” said Mr. Dorsey, who was promoted last month to the top sales spot. The Western region covers Denver and everything to the west, including Los Angeles, San Francisco and Phoenix. Nationally, the firm's sales division is overseen by six regional sales directors and about 100 employees. Mr. Dorsey is filling a vacancy created when former head of sales Tom Nally was named president of the custody unit in February. “I'm trying to get up to speed” on the top sales position by taking on the new responsibilities in stages, Mr. Dorsey said. The transition is eased by the fact that there's nothing major to fix, he said. “I don't anticipate a huge change in strategy,” Mr. Dorsey said. Part of his team's pitch is the strength of the firm's technology platform, which Mr. Dorsey thinks was boosted by the acquisition of thinkorswim in 2009. The thinkorswim technology “definitely appealed to more sophisticated firms with more complex needs,” he said. Mr. Dorsey said recruiting trends remain favorable, with TD Ameritrade grabbing 100 breakaway brokers in the first quarter, up 14% from the same period a year ago.