Tom Bradley speaks at a TD Ameritrade event in 2012.

TD Ameritrade said Peter deSilva, who now leads Scottrade’s retail distribution work, will join its senior executive leadership team after the two firms complete their planned merger. Tom Bradley, the current head of retail distribution for TD Ameritrade, is departing.

Bradley has spent the past 31 years at TD Ameritrade, working at the helm of its institutional business and building its relationships with independent registered investment advisors.

He became head of TD Ameritrade’s retail business in early 2012, and Tom Nally took over as head of the RIA unit.

“It was a very difficult business decision, but it was the right one, considering the implications of the integration ahead of us, as well as the plans we have for the long-term growth of this company,” said TD Ameritrade President and CEO Tim Hockey, in a statement.

“What Tom has done for TD Ameritrade and, arguably, the broader wealth management industry is incredible. I’ve known him for many years, and I know he will be missed. We are grateful for his service and wish him the very best,” Hockey added.

Now leading Scottrade’s retail business, deSilva has more than 30 years of financial services experience. He joined Scottrade in February 2016 and has worked with company founder Rodger Riney.

“Adding Peter deSilva to our leadership team is the right move for us as we begin work on a sizable integration,” explained Hockey. “Peter will give us a strong cultural link to Scottrade’s proud heritage that will be critical as we bring these two companies together.”

As for when the $4 billion merger — which was announced on Oct. 24, 2016 —will wrap up, its executives say they expect the deal to close by Sept. 30.

“Clients are already benefiting from an enhanced experience, and we’re close to finalizing the acquisition of Scottrade. Planning has been underway for some time, and our teams are ready to turn the corner. We cannot wait to introduce Scottrade clients to everything we love about TD Ameritrade. You can expect a full update when we meet again in October,” Hockey said on a conference call with analysts in July.

Latest Results

In the second quarter, TD Ameritrade’s total assets stood at $882.4 billion, with $190 billion in fee-based balances. The total asset figure rose 20% from the prior year. 

Total net revenues were $931 million, with 62% being asset-based vs. $838 million a year ago — a jump of 11%. Net income of $231 million, or $0.44 per share, was down 3.8% from $240 million, or $0.45, a year earlier.

In Q2’17, the company’s expenses grew $47 million from the year-ago period, including an $11 million increase in technology investments and $14 million of Scottrade-related items. 

Net new client assets, hit $22 billion in Q2’17, up 62% from the year ago-period “thanks to strong retail inflows plus outstanding performance from the institutional channel,” Hockey explained during the analyst call.

— Check out Tom Bradley: Advisor Evangelist—The 2015 IA 35 for 35 on ThinkAdvisor.