Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus
Tony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago
5 min read
Brooke's Note: We talk about the human cost of mergers as big companies get bigger and richer by shedding ‘redundant’ staff upon combining. Yet, we should maybe speak more, too, about the human capital windfall that mergers produce. They convert lifers at companies like Schwab and TD Ameritrade into reborn entrepreneurial building blocks. No doubt Tony Parkin feels some sense of dislocation from leaving Schwab after 20+ years, but now he's with an old Schwab comrade in David DeVoe, who is riding the crest of the RIA merger wave and [I can attest] having fun doing it.
David DeVoe made news of his own at his Elevate conference this week in Scottsdale by announcing a new president with an old connection.
The founder and CEO of DeVoe & Co. hired Tony Parkin, a Schwab Advisor Services colleague and someone who will help him grow and evolve his company aggressively.
Parkin was named president, a newly created position to handle “day-to-day” duties and also to “engage” with clients.
At the discount brokerage, he variously headed Schwab's RIA consulting and also oversaw relationships with Schwab's RIA rollup, clients and other big, complex RIAs.
Having already recently hired a chief of staff, DeVoe needs to focus his bandwidth and wisdom on what he sees as an expanding M&A-related opportunity in the RIA industry.
Parkin is the 24th member of his team, including advisory board members like Tim Kochis. See: After sticking his own succession landing, Tim Kochis bags 'retirement' and joins forces with DeVoe & Co. to help other RIAs do the same.
“The industry will accelerate in an accelerated fashion,” DeVoe says.
What goes around
David DeVoe, Schwab's RIA M&A chief, leaves to start his own shop
Parkin left Schwab early in 2024 amid the exits – many involuntary – of more than 2,000 staff that included long-time executives.
The cost-cutting measure was first announced last August, with the brokerage looking to slash $500 million in costs. Schwab pulled the trigger on the layoffs in November, hitting around 5% to 6% of its staff. See: Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent was axed
Among the cuts were some well-known Schwab veterans, such as Kartik Srinivasan, managing director of third party integration and authentication, Tim Rolfs, a director of Schwab alternative investments and structured product solutions, and Kartik Srinivasan, managing director of third party integration and authentication. See: Schwab 2,000-layoff aftershocks roil industry as top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed
Though many ex-Schwab and ex-TD Ameritrade staff are still out of work, a steady stream has re-emerged in the industry in promising positions.
Tim Oden recently joined Dynasty Financial Partners. See: Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table
Rob Farmer joined StreetCred. See: Ex-PR chief of Schwab Advisor Services reappears at StreetCred while Schwab loses a corporate PR head and gains a new one to 'protect the brand' after a rough 2023
Story Timeline
Srinivasan was handed the reins at Advyzon. See: Kartik Srinivasan bounces back from highly publicized Schwab layoff to work with a Morningstar 'mafia' of old colleagues at Advyzon to supercharge software offerings
Deeper leadership
DeVoe hired someone in Parkin who fortuitously became available but also who was pre-qualified by a long acquaintance.
After sticking his own succession landing, Tim Kochis bags 'retirement' and joins forces with DeVoe & Co. to help other RIAs do same
“I have known and collaborated with Tony for two decades, and I am excited to have him join the team,” DeVoe said.
“This exciting milestone, which expands and deepens our leadership team, capitalizes on the company’s momentum and positions us for continued success.”
DeVoe is known to differentiate from some M&A shops by also embracing consulting-for-fee arrangements and valuations – somewhere that Parkin can excel, he says.
The CEO concedes that RIA M&A is plateauing for the third year in a row, after valuation multiples hit a peak in 2021.
Yet, thanks to a well-established “proof-of-concept” that private equity firms can buy RIAs and sell them for significant ROI in a reasonable span, the deal-making rocks on – and likely will take off, again.
“We expect it'll arc up as interest rates come down,” DeVoe says.
Ready to roll
But Parkin's success doesn't depend on rate speculation, and he'll continue to help DeVoe create specialized units inside the company, including a focus on ultra-high-net-worth clients and RIAs tied in with CPAs.
Parkin is ready.
“It’s an honor to join a team of people who share my commitment to and passion for the RIA community,” he said in a release.
“I am thrilled to take on this role and help lead the company’s growth and expansion, as we support more advisors in achieving their aspirations."
Parkin will remain in Denver.
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