In a surprise move, the head of TD Ameritrade's retail brokerage operation has broken away to run an advisory firm, forcing a change in the org chart.
Tom Nally is moving up to run TDA Institutional. He's been in the company for nearly his entire his adult life -- he started in 1994 and is now 40 years old -- and is best known on the practice management consulting side.
That makes him a familiar figure around a lot of TDA's 4,000 affiliate RIAs and an expert in the day-to-day questions and complaints of advisors on the ground.
He's replacing Tom Bradley, who is a bona fide fixture at TDA and is now moving over to run the retail brokerage end of the company.
Bradley is something of a legend in the advisor custody world, having built TDA Institutional from a grassroots organization into a credible competitor against Schwab and Fidelity.
At retail, he's replacing John Bunch, who somewhat mysteriously resigned "to head an advisory firm."
Whether this means Bunch is going to be working with retail investors is unclear, although it's a little unlikely.
As yet, he hasn't updated his LinkedIn profile, so everyone's still guessing.