TD Ameritrade Institutional announced Friday that Peter Dorsey will replace Tom Nally as managing director of institutional sales for the Jersey City-based RIA custodian. The position became available after its previous holder, Tom Nally, was named president of TDAI in early February immediately following Tom Bradley’s move to head TD Ameritrade’s retail operations.
Dorsey (left) joined TDAI seven years ago, and most recently held the position of director of sales for business development for TDAI’s western region. Prior to joining TD, Dorsey held executive positions at Fidelity Investments and Bear Stearns.
In his new role, Dorsey will oversee all TDAI sales functions including advisor recruitment, practice management consulting, relationship management and sales strategy.
In an interview Friday afternoon, Nally called Dorsey "a fantastic guy" who's worked in the advisory space for 15 years, characterizing him as "a student of the business," a "strategic thinker" and a "great relationship builder." He further said Dorsey has gained the respect of his peers at TD Ameritrade and among advisors.
As for the areas on which Dorsey will focus in his sales and practice management consulting roles, Nally suggested it would be in helping advisors build better businesses by creating "enterprise value," examining their infrastructures more closely to create a scalable model to deliver better client experience and "to grow without adding expense." One significant driver of that focus, Nally said, was succession planning.
In a survey TD Ameritrade conducted last year, Nally (left) pointed out, only about 60% of advisors said they had or were working on a succession plan. Preferably, those advisors are "identifying internal successors" to ensure their clients are taken care of in the future. "That's one of the things that attracted advisors to the fiduciary model in the first place," Nally said.
Another big focus of advisors and thus of Dorsey and TDAI, he said, was on "growth itself," both organically and via the opportunities presented by breakaway brokers.
Nally concluded by saying, "We’re proud of Pete and very excited to have such a strong bench" at TDAI who are able to "take on larger roles."