Bernie Clark, the head of Schwab Advisor Services, is stepping down from that position on June 28 and transitioning to an advisory role with the company, amid a series of executive moves announced on Thursday.
He is expected to be replaced by Jon Beatty, currently chief operating officer for Schwab Advisor Services. In addition Tom Bradley, managing director of Schwab Advisor Services, will be named chief client officer, reporting to Beatty. Bradley joined Schwab shortly after the acquisition of TD Ameritrade in 2020.
The moves come as Schwab, which custodies nearly $4 trillion in client assets, shuffled a number of other long-time 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 to the CFO role after a transition period with Crawford.
In addition, also on June 28, Joe Martinetto will move from chief operating officer to executive chairperson of Schwab Banks. He recently oversaw the integration and conversion of former TD Ameritrade clients to Schwab. His role will not be replaced, and his duties will be filled by other firm leaders.
All three of the transitioning leaders have more than 20 years at Schwab apiece. 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 the CFO and treasurer positions, among others, during his 25-plus-year career at Schwab.
"Recently, Bernie Clark came to me and suggested that with the Ameritrade integration for advisors complete, and the exceptionally sound footing 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 arguably 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 bench 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."