TD Ameritrade Institutional has lost another executive ahead of its merger with former rival Charles Schwab: Skip Schweiss, the former managing director, Retirement Plan Solutions and Advisor Advocacy.
For its part, TD Ameritrade confirmed that Schweiss “left the company, effective Aug. 3, to pursue new opportunities.”
With Schwab’s acquisition scheduled to close later this year, “it’s not uncommon during these kinds of transactions to see employees depart for a variety of reasons,” according to a spokesperson.
Shareholders of the two firms approved Schwab’s $26 billion purchase of TD Ameritrade in early June, just after the Department of Justice gave its thumbs-up to the transaction.
Though Schweiss has yet to reveal his next career move, many industry players quickly wished him well on social media.
“Congrats on a great run at TD and thank you for all the advocacy for the profession, Skip,” said Riskalyze CEO Aaron Klein on Twitter.
“I look forward to following you on your new journey,” tweeted Blair duQuesnay, an advisor with Ritholtz Wealth Management.
“Best of luck, Skip! Keep fighting the good fight for advisers across the country,” said fintech consultant Bill Winterberg on Twitter.
Schweiss spent 12 years with TD Ameritrade. Prior to TD Ameritrade, he had a long stint with different Fiserv entities, where he cut his teeth starting in 1988. In 2021, he is set to serve as the Financial Planning Association’s next president.
“Skip has been a true leader in advocating for the profession and now he hopefully can continue that role; as well as bring his full attention to fixing the many problems at the FPA,” commented consultant Tim Welsh of Nexus Strategy, in an email sent to ThinkAdvisor.
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