Schwab's Bernie Clark Steps Down in Executive Reshuffle

Charles Schwab said Friday that it is making several changes to its executive lineup.

As part of these changes, Bernie Clark — who has been with the firm for over 25 years — will leave his role as head of Advisor Services on June 28 to take on an advisory role.

Schwab says it plans to name Jon Beatty, the chief operating officer of Advisor Services, to this role. Also, the firm expects to name Tom Bradley as the unit’s chief client officer; he currently is a managing director for Advisor Services, which has nearly $4 trillion in assets on its platform.

Clark’s “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,” said Co-Chair and CEO Walt Bettinger in a statement.

“I’m pleased that Bernie will continue to serve in an executive advisory position offering his wisdom and counsel to me personally, as well as the entire leadership team.”