Tom Bradley's hire should be a "big relief" for small RIAs, Kitces tweeted. (Photo: TD Ameritrade)
When it comes to mergers, there are winners and losers.
Case in point: industry veteran Tom Bradley, who found himself left out after TD Ameritrade bought Scottrade two years ago for $4 billion and who is now back in business thanks to Charles Schwab's planned $26 billion purchase of his former employer.
Bradley, the former president of TD Ameritrade's Retail and Institutional businesses, is set to join Schwab's Advisor Services business as its senior vice president on Jan. 13, Schwab said early Friday. He will oversee custodial services for RIAs with up to $100 million in assets and help integrate the two firms' advisor-services businesses.
"Woa. BIG industry news! Schwab hiring former TDA Institutional pioneer Tom Bradley to lead its "Core" <$100M AUM segment," said popular blogger and planner Michael Kitces on Twitter. "Should be a big relief for small RIAs fearing Schwab will abandon them. (Unclear how far below $100M Schwab will go, though?)."
Kitces continued: "For "smaller" (<$100M) RIAs that have been fearful that Schwab would shut the door on them after the #Schwabitrade merger closed, this should be a huge relief. Schwab isn't hiring @TomBradley_USA to abandon small RIAs. It's hiring Bradley to build with small RIAs."
Bradley spent three decades at TD Ameritrade, including about five years as president of the firm's Retail Distribution unit and 12 as head of its Institutional business.
