RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Schwab execs all but dash RIA hopes for TD Ameritrade VEO One survival by pitting the open-API platform against expediency and an admitted pro-Schwab bias

Schwab COO Joseph Martinetto scoffs at 'platform-by-platform' cherry-picking of Schwab and TD systems: 'That will just take too long.'

Friday, February 7, 2020 – 6:47 AM by Oisin Breen
Admin:
no description available
Joe Martinetto: This can't be a system-by-system, platform-by-platform, pick-the-best and drive to an optimized platform over the long run -- that will just take too long.

Related Moves

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

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 – 1:20 AM

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 – 7:58 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally




Lindsay Tiles

Lindsay Tiles

February 7, 2020 — 6:29 PM
This is irresponsible journalism and a complete mis-characterization of what was said at our recent Business Update, particularly the headline and the lead paragraph. Schwab executives were clear that where there is material advantage to TD’s platforms those would be taken into account, and the open API approach for the RIA business was called out as an example. Joe Martinetto clearly noted that it was “ way too early” to talk about the plans for specific platforms. The statements about the future of Veo in this article are pure speculation, designed to drive clicks for this blog. In Bernie Clark’s comments he noted that “post integration we will be using the best technologies available for advisors.” If you’re interested in the facts, we recommend you watch the replay of the Business Update at: https://www.aboutschwab.com/schwabevents
Lindsey's  Mentor

Lindsey's Mentor

February 12, 2020 — 3:17 PM
Ok Ms Tiles please quantify, clarify and justify with substance all inaccuracies in the RIABiz article as inquiring minds need you to keep us in the fold...and not leave TD before the merger of unequals. Thank you in advance!

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo