Just months after the head of its RIA business unit left the firm, Scotttrade lost another high-level executive, this time President Matt Wilson.
Wilson's last day was October 23, according to company spokesman Whitney Ellis. Rodger Riney, founder and CEO of Scottrade Financial Services, Inc., is serving as interim brokerage president while searching for a new leader.
“We look forward to continuing our mission to improve lives by helping people overcome barriers to financial success,” Ellis said in a statement.
The move comes just a few months after Brian Davis left his position as head of Scottrade Advisor Services, the firm’s RIA business unit. Wilson absorbed the role for several weeks before a replacment was found.
Wilson joined Scottrade in June 2012 from TD Ameritrade, where he was head of retail sales. Prior to that, he was a senior sales director for Schwab.
The departure comes amid reports of the firm’s stagnating growth and unpopular policy changes. Launched in 2005, Scottrade Advisor Services hit 1,000 RIAs on its platform in March 2012 and has not grown much beyond that.
Partially that is because, over the summer, Scottrade discontinued services to a number of RIAs with low asset levels. Scottrade won’t say how many advisors it culled.
Brian Stimpfl, Scottrade’s senior vice president of program strategy and operations, said at the time the firm had no stated minimums but evaluated prospective RIA clients on a range of factors, including the strength of their business plan and their growth strategies. Scottrade brought Stimpfl, also a former TD Ameritrade alum, onboard in early September to oversee upgrades to its technology platform.
Wilson did not immediately respond to requests for comment.
-Additional reporting by Diana Britton.
