Skip Schweiss, the former managing director of advisor advocacy at TD Ameritrade, has officially left the company. However, his departure is not the end of his career; in fact, Schweiss is set to become the president of the Financial Planning Association (FPA). His move has caused quite a stir within the industry, as Schweiss was a prominent advocate for the Registered Investment Advisor (RIA) custody business, making his departure from TD Ameritrade a significant loss for the company.
Industry peers believe that Schweiss will soon join another custodian or a national RIA, considering his strong reputation and extensive experience. Schweiss’s exit has created an opportunity for other custodians or national RIAs to potentially attract his expertise and valuable industry experience.
This departure prominently highlights the competitive nature of the RIA custody business and emphasizes the importance of having experienced advocates within the industry. Schweiss’s knowledge and influential presence will undoubtedly be missed by TD Ameritrade, as they will now need to find a suitable replacement to ensure that the company continues to effectively advocate for advisors and the RIA custody business.
The industry awaits with anticipation to see which path Schweiss will choose next and which custodian or national RIA will have the privilege of benefiting from his expertise. As the financial planning landscape evolves, having experienced individuals like Schweiss on board becomes even more crucial for firms striving to remain competitive and stay ahead in a competitive market. TD Ameritrade will undoubtedly have their work cut out for them in finding a new advocate who can fill Schweiss’s shoes and continue to champion the interests of advisors and the RIA custody business effectively.
Schweiss’s departure serves as a reminder of the importance of seasoned professionals within the industry and the value they bring to the table. It also underscores the need for custodians and national RIAs to constantly stay on top of their game and attract top talent to ensure they remain leaders in the industry. The financial planning landscape is ever-changing, and having experienced advocates like Schweiss can make all the difference in confidently navigating the complexities of the RIA custody business.