Startup custodian Altruist has hired an ex-TD Ameritrade director to lead the company’s market strategy and help develop its offering.
Pete Dorsey, TD’s former national managing director of institutional sales and relationship management, will now serve as chief strategy and revenue officer at Altruist.
“Pete will be leading our go-to-market initiatives as well as overseeing our entire advisor lifecycle,” Altruist CEO Jason Wenk said in an email. Dorsey will work closely with the brand and marketing team as well as help the company develop a more scalable and automated onboarding experience, he added.
Dorsey is the latest member of TD Ameritrade’s leadership team to part ways with the company following Schwab’s acquisition of the firm and subsequent
Other TD Ameritrade executives who oversaw its RIA custody business have left the firm for competitors and RIAs, although some have gone on to join the leadership team at Schwab Advisor Services.
As for Dorsey, he is joining a growing team at Altruist, which is a new, tech-focused entrant to the multi-trillion-dollar RIA custody business.
Altruist, which clears trades through Apex Clearing, has on-boarded approximately 600 firms in the last four months, Wenk toldFinancial Planning in an interview in mid-February. Altruist has about 80 employees on staff, he said.
Altruist
With Dorsey, Altruist is gaining a long-time veteran in RIA custody. Prior to his 15-year tenure at TD Ameritrade, he spent six years at Fidelity Investments, according to LinkedIn.
“We're very fortunate to have someone of his caliber join our team,” Wenk said in the email.
