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CEO Tim Hockey says Schwab's zero-commission play was 'painful,' but helped TD Ameritrade focus on RIA channel and made it easier to find his successor

The Omaha, Neb.-based broker moves to appease RIA high net worth clients and braces for an upsurge in breakaway brokers that could help its custody business

Author Brooke Southall
October 23, 2019 at 6:26 PM
no description available
Tim Hockey: Nobody wants it to happen on their watch well it did on my watch.

Related Moves

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 at 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 at 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 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Steve Sanduski

Steve Sanduski

October 23, 2019 — 9:09 PM
The fact that, "TD was caught flat-footed when Schwab pulled the trigger on zero commissions" is shocking. The move to zero commissions has been telegraphed for years but TD didn’t diversify their revenue enough and was caught with about 28% of their revenue coming from trading commissions on the day Schwab announced free trading. Schwab's comparable figure was in the mid-single digits. A clear example where strategic planning helped Schwab but lack of it hurt TD. Every corporate entity and advisory firm should do an annual planning meeting with quarterly updates and two questions you should always ask is, "What trends are moving against us?" and "What could a competitor do that would be painful to us?" If TD asked those questions, they'd clearly see the trend was toward zero (Robinhood) and a competitor (Schwab) could move to $0 and not suffer nearly the impact as its competitors.
Ivory Tower

Ivory Tower

October 24, 2019 — 6:51 PM
Well said from the cheap seats and luxury of 20/20 hindsight vision, duh. What are you trying to accomplish with your post?
White Board Brilliance

White Board Brilliance

October 28, 2019 — 2:09 PM
I'd say Steve Sanduski's assertion is embarrassingly simple and serves only to cause one to question his motivations and thin corporate experience. Lets hope Mr Sanduski finds a way to delete his embarrassing post before more folks publicly laugh at him. Good luck!

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