Bernie Clark, head of Schwab Advisor Services, will step down from that position on June 28 and move into an advisory role with the company, amid a series of executive moves announced Thursday.
He is expected to be replaced by Jon Beatty, currently chief operating officer for Schwab Advisory Services. In addition, Tom Bradley, managing director of Schwab Advisor Services, will be named chief client officer, reporting to Beatty. Bradley joined Schwab soon after acquisition of TD Ameritrade in 2020.
The moves come as Schwab, which oversees almost $4 trillion in client assets, shed a number of other longtime executives: Chief Financial Officer Peter Crawford is retiring, to be replaced by Mike Verdeschi, most recently the treasurer of Citigroup. Verdeschi will join the firm on May 20 as managing director and deputy chief financial officer, moving into the role of CFO after a transition period with Crawford.
Additionally, also on June 28, Joe Martinetto will transition from chief operating officer to executive chairman of Schwab Banks. it recently oversaw the integration and conversion of former TD Ameritrade clients at Schwab. His role will not be replaced and his duties will be filled by other executives of the firm.
All three transition leaders have more than 20 years at Schwab each. Clark has been there for more than 25 years, including the last 15 as head of Advisor Services; Crawford served 22 years, including as CFO since 2017. Martinetto also held CFO and treasurer positions, among others, during his 25-year career at Schwab.
“Recently, Bernie Clark came to me and suggested that with the integration of Ameritrade for advisors complete, and with the extremely sound foundation of the Advisor Services business at Schwab, it was time to make a transition in his duties at the firm. ,” Schwab CEO Walt. Bettinger said in a statement. “His impact on the independent investment advisor industry is perhaps unmatched, leading the industry from its infancy to become one of the fastest growing segments of the investment services world. He has also mentored and developed a strong group of leaders, including Jon Beatty and Tom Bradley, who share his passion for the industry and will continue to deliver on our commitments to the independent investment advisors we serve.”