Charles Schwab said Friday that it is making several changes to its executive lineup.
As part of these changes, Bernie Clark — who has been with the firm for over 25 years — will leave his role as head of Advisor Services on June 28 to take on an advisory role.
Schwab says it plans to name Jon Beatty, the chief operating officer of Advisor Services, to this role. Also, the firm expects to name Tom Bradley as the unit's chief client officer; he currently is a managing director for Advisor Services, which has nearly $4 trillion in assets on its platform.
Clark's "impact on the independent investment advisor industry is arguably unmatched, leading the industry from its infancy to become one of the fastest growing segments of the investment services world," said Co-Chair and CEO Walt Bettinger in a statement.
"I'm pleased that Bernie will continue to serve in an executive advisory position offering his wisdom and counsel to me personally, as well as the entire leadership team," Bettinger added.
Beatty has been with Schwab Advisor Services for over 27 years. He was tapped as COO of the business unit in 2010 and has sinced been based in Phoenix.
Other Executive Moves
Schwab CFO Peter Crawford, who's spent 22 years at the firm, is retiring after "a planned transition period," according to a statement. Crawford will be succeeded by Mike Verdeschi, who is joining the firm on May 20 as a deputy CFO; Verdeschi left Citigroup in 2023 after 33 years at the bank.
