Jim McCool makes Bernie Clark the head of Schwab Advisor Services

Brooke’s Note: I just completed my interview with Bernie Clark and I went ahead and added one important statement he made to this article. I’ll publish more in a little while. Clark’s appointment is not without ceremony. His two bosses, Charles “Chuck” Schwab and Jim McCool, are in Clark’s hometown of Phoenix today as part of an investors town hall meeting — coincidental but fortuitious. Clark says he has begun to receive a multitude of “great notes” from RIAs, too.

Bernie Clark is the new head of Schwab Advisor Services.

The company announced at 12:30 EST that Jim McCool, Schwab’s executive vice president for institutional services, who previously oversaw the unit of 6,000 RIAs with $590 billion of assets, has given his head of sales an expanded set of responsibilities.

As part of the shift, Clark,51, will now oversee Schwab’s service and technology to RIAs. Previously, Trish Cox, Schwab Advisor Services chief operating officer, had overseen the area. Clark has recently been talking about his greeater involvement with technology at Schwab. See: A giant is awakening in the hybrid market

Clark will still use senior vice president as his title and he will keep his home in Phoenix, Ariz., though he spends much of his week in San Francisco st Schwab’s headquarters.

The impetus for the executive role changes by Schwab is to bring focus to a complex organization, according to McCool.

“We’re making these changes to further sharpen our focus on each of the unique institutional businesses and expand leadership opportunities for both Bernie and Trish,” he says in a statement. “In heading our Corporate Brokerage Services, which includes stock plan administration, designated brokerage, mutual fund clearing and investment-only sales to employers, Trish will oversee the growth opportunities inherent in these businesses. I’m confident that Bernie’s long tenure and understanding of the advisor business will continue to provide value and help you focus on your clients and grow your business.”

It’s an important streamlining of leadership, according to Schwab spokeswoman Lindsay Tiles.

“It’s putting all of the accountability and leadership for advisors under one individual,” she says. “And it’s an individual who knows advisors and the business. It should be a really good fit.”

Before Clark’s appointment, RIAs who work with Schwab would say at times that they were frustrated about how to address issues that arose.

This is a gap that has been closed, accoring to Clark.

“Absolutely, the buck stops with me,” he says. “That is a difference.”

Clark has been leading sales and relationship management for Schwab Advisor Services since 2005. Prior to that, Clark was in the client service organization for Schwab’s retail business. Clark was also the senior vice president of trading and operations for Schwab Advisor Services from 1998 to 2002.

His current team at Schwab includes: Jon Beatty, sales, Cathy Clauson, business integration, Neesha Hathi, technology solutions, Janelle Sallenave, client experience and Joe Vietri, trading & operations.

Cox will be taking over leadership of the newly formed Corporate Brokerage Services business and will continue to report to McCool. In this role, she will direct all brokerage-related corporate services for Schwab—stock plan services, designated brokerage, mutual fund clearing and investment-only sales to employers. Cox previously managed service, technology and client experience for Advisor Services.

Schwab Advisor Services provides custodial, operational and trading support for approximately 6,000 independent investment advisory firms.

Clark first joined Schwab in 1998 as senior vice president for Schwab Institutional Trading and Operations, and in 2002 joined Schwab Investor Services in a client services role. In 2005, Bernie returned to the advisor business as head of sales and relationship management. He took on his current role as head of Advisor Services in February 2010.

Prior to joining Schwab, Clark was managing director at Deutsche Morgan Grenfell in London, where he was responsible for global market sales, hedge fund operations and technology. Previously, he held client service and operations positions at Salomon Brothers and Emigrant Savings Bank.