A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

Five months ago, Amy Richardson voluntarily left her job at Charles Schwab & Co. before the post-TD Ameritrade (TDA) merger layoffs sent 2,000 colleagues into an uncertain future. 

Many had spent most, if not all of their careers at Schwab, one of the biggest brands in financial services. What would life be like without its corporate identity, steady paychecks and solid career advancement?  

In the days since then, Richardson has been in contact with many former colleagues. “If they are looking for a new career opportunity, there are exciting opportunities that exist at smaller RIAs," she advises.

Ex-Schwab employees may be leaving the mothership, but they are taking with them valuable job experience and skills that are in demand in the financial services industry. 

“My general sense is they can transition to an RIA. The skills are transferrable. I’ve been recruiting people out of Schwab and Fidelity in advisor positions for years," says Caleb Brown, founder of New Planner Recruiting LLC, a full-service recruiting and consulting firm.

Brown says he’s already heard from about a dozen laid-off Schwab staffers who are interested in going to an RIA.  See: As more prominent Schwabbies emerge amid 2,000 layoffs, Schwab CEO reassures that no 'meaningful' second shoe-drop is 'in the works at this point,' unless 'circumstances' dictate it

Stepping up

Richardson, 39, a seven-year Schwab veteran, said her choice to leave Schwab was not about getting out of Dodge before bullets flew. She says she was looking for something different, and she thinks she's found it. 

She took a job with TCI Wealth Advisors, an RIA headquartered in Tucson, Ariz., with offices in Tucson, Scottsdale, and Flagstaff, Ariz., Reno, Nev., and Denver.

“The merger wasn't the driver in my decision to leave. It was a hard choice. The opportunity at TCI presented itself, and it was all of the things I loved at Schwab but on a more intimate basis." 

With about $3.8 billion under management, it was a big step-down from Schwab, which manages or administers $7.65 trillion in assets. But in many ways, it's a step-up. 

“I got to flex my strategic thinking a bit more, and I'm working with the leadership team shoulder-to-shoulder. That was the driver - and not so much the merger,” she says in an RIABiz interview. 

"I really enjoy our entrepreneurial environment at TCI and the personal atmosphere. 

"We still have clearly defined groups, roles, and responsibilities, but due to being smaller in size, you get to see and hear firsthand about what is happening within the firm and collaborate with all the teams within the firm…” 

“For example, in my current role, I have the opportunity to be connected more closely with the strategic planning of the business, coaching and developing our advisor teams,” she says. 

“I play a pivotal role in continuing to develop and enhance the advice and client experience we deliver.” 

Skills in demand

Richardson is encouraging former colleagues to consider other roles within Schwab and to look outside the firm if their position has been eliminated.  

Her choice to go to a smaller RIA isn't an anomaly. 

In the past, Schwab staffers have gone to RIAs, and a smaller shop could be the perfect landing spot to land, says Kelli Cruz, founder of Cruz Consulting Group.  

"Ï know many RIA firms are planning to hire either soon or in the New Year," Cruz says.

"If there's a talented, experienced person, they won't pass on talent. They might even hire ahead of schedule because it's hard for firms to find talent. 

"Schwab does an awesome job training and an awesome job recruiting talent,” she says. 

“Their general skills are needed at an RIA,” Richardson says. 

Making adjustments

Smaller organizations value trained and experienced staffers, Cruz agrees.

“Job-seekers should think about working for an RIA. The amount of knowledge you would have would be so welcome at the firm," she says.

With about 91 employees at TCI, Richardson says there is no question, she wears more hats and has had some adjustments to make. 

For instance, she acknowledges budgets are more limited compared to giant corporations. 

“We can take on things that might not be directly in our scope just based on team needs and the capacity of others based on various priorities," Richardson says.

Making connections

Ex-Schwab employees can expect to find that RIAs are eager to find staff who understand financial services and the emphasis on clients, Cruz says. 

“The focus on client service is so transferable,” she adds.

“I think the training, the knowledge of the industry, and all of those things would help someone… hit the ground running so much faster.” 

Cruz says the challenging issue for laid-off workers is making connections with potential employers. She believes LinkedIn is an excellent place to accelerate networking. 

At a smaller firm, Richardson specializes in training advisors and has had more broad roles than she had at Schwab. 

Richardson says Schwab is a culture where people tend to stay a really long time because it's a wonderful place to work and a lot of opportunities,” she says.

Opportunities

One of the aspects that attracted her to TCI is the fact that it is an employee-owned stock company. 

“I think the opportunity to be a shareholder in the future was exciting for me in terms of being part of the organization," she says. "It's an intimate family feeling.”

Schwab's benefits are well known, but TCI also has a “fulfilling and compelling rewards program,” she says.

“It goes beyond the dollars - work-life integration and involvement in the community are important to me when I think about a rewarding career.”

TCI is on a growth push, and Richardson's position is a new role to help train new advisors in the industry, says Sam Swift, TCI's CEO, in a statement. TCI's advisors are employees of TCI. 

She's joining TCI during a time of evolution in the wealth management industry, Swift adds in the statement.

He points out that advisors are retiring, and new advisors are prepared to take the reins. Richardson will have a pivotal role of helping to train new advisors as retirees leave, Swift adds. 

“It’s thrilling to have Amy’s wisdom and vision on Team TCI as the industry evolves." 

Surviving

Richardson had previous experience at an  RIA. Right before she went to Schwab, she was a client relationship manager from 2012 to 2016 with Brown and Tedstrom Inc. in Denver. 

“I left there to help Schwab launch the hybrid Schwab Intelligent Portfolios Premium. That's a passion of mine," she says.  

She's been in financial services since 2008; her first job was at Lehman Brothers. She began working at the firm six months before it collapsed in the 2008-09 financial meltdown. 

Seeing clients worried about losing life savings shaped her career, she says.  

"Ï was in Chicago at the time, and I was watching a Bronco's game on a Sunday night when [word] started to get out, and we were notified. I'll never forget it. 

"There was lots of turmoil. There were lots of unknowns for clients. You realize how important  information is, even if it's the most basic question of - how do I get my money."

Incredible team

Given her experience, she feels strongly about TCI's mission to bring financial literacy to individuals who need basics such as debt management and strategies to help buy their first house. 

Guy Holman, a TCI advisor and shareholder, says Richardson has been passionate about wealth management.

 "Throughout her career, Amy has been a positive voice in the wealth management industry through her work with clients, her desire to help people realize their potential, and her keen ability to educate people on investing,” he says in a statement. 

Richardson says has enjoyed "the entrepreneurial environment we have at TCI and the personal atmosphere. 

"For me, TCI has been an incredible firm to join, and I feel grateful to be part of this incredible team.”