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DFA and TD Ameritrade strike 'strategic' deal with potential to shift RIA custody power axis

Tension in the three-way relationship between Fidelity, Dimensional Fund Advisors and the RIAs who use both vendors creates opening for Tim Hockey

Monday, April 24, 2017 – 6:33 PM by Lisa Shidler
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Christopher Van Slyke: That pricing is very persuasive. As fiduciaries we'd have to consider TDA the favorite.

Related Moves

Tim Hockey leaves baffled analysts (and everyone else) probing for answers to explain abrupt departure plan as TD Ameritrade CEO; It's about... nothing!

Discount brokers are facing myriad issues as trading fees continue sliding to zero, causing TD's board to seek a more RIA friendly CEO

August 8, 2019 – 6:32 PM

TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing

July 23, 2019 – 4:30 AM

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 – 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 – 9:58 PM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Jim Cannon

Jim Cannon

April 24, 2017 — 8:29 PM
It is not surprising, but interesting how a firm like DFA that has a long range objective of always seeking to find ways to improve client outcomes can create arrangements such this one. The buzz around our firm has been incredible about this change and now we're faced with how to address the significant disparity that exists across at other custodians where our clients at Dynamic Wealth Advisors hold assets. There does become a point at which it is not appropriate to hold assets at certain custodians (or at least to recommend to clients that they not hold certain assets). Like Mr. Van Slyke noted, I think we may have reached that with DFA's arrangement with TD Ameritrade.
Stephen Winks

Stephen Winks

April 25, 2017 — 4:33 PM
Finally, an awaking to the client's well being as a catalyst to innovation. On this basis, the fiduciary duty of the advisor and professional standing in advisory services will endure for all the right reasons. SCW

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