TD Ameritrade has named Tom Bradley as president of retail distribution and appointed Tom Nally as president of TD Ameritrade Institutional. John Bunch, who had served as president of retail distribution, plans to leave the firm at the end of this week to take a top leadership position at an investment advisory firm.

The news is likely to come as a surprise to many financial advisors, since Bradley was highly popular in the RIA community and was perceived as a truly responsive service provider. Ironically, at last week's annual TD advisor conference, several advisors lauded Bradley and called attention to the fact that he was the longest-serving CEO of any custodian in the RIA business.

Nally is a 12-year veteran of Bradley's management team and was responsible for overseeing all aspects of the operation's sales. "I can't be more excited about the future of TD Ameritrade Institutional with someone like Tom Nally at the helm," Bradley said in a prepared statement. "He, too, has dedicated the better part of his career to advisors -- building relationships, putting clients first and always asking how we can better help advisors succeed. We have worked together for nearly 20 years. I cannot imagine our associates or advisor clients in better hands."

For Bradley, the chance to manage a larger business unit within TD Ameritrade probably seemed like a new challenge that proved irresistible. "My time spent working for independent RIAs, helping them better serve their clients and create successful practices, and supporting the issues that are important to them on a national scale, has been a joy and a privilege," said Tom Bradley. "I am fortunate to have created a number of meaningful relationships that I hope will continue as I move on to the next chapter in my career. I look forward to guiding our retail sales, service and product businesses in a similar capacity and building an even better experience for our clients."

TD Ameritrade CEO Fred Tomczyk praised both Bradley and Bunch. "Tom Bradley has been a strong member of the TD Ameritrade management team for many years," said Fred Tomczyk, president and CEO. "He understands our company, and the industry, and is widely respected for his work supporting RIA advocacy and development. He has grown TD Ameritrade Institutional into a major player in the fastest-growing segment of financial services by expanding technology and product offerings and putting clients first. I am confident that he will put his broad knowledge base and determined management style to good use within our retail client organization.

"When you consider the organic growth that TD Ameritrade has delivered over the last several years, much of that success is due to the leadership of John Bunch," Tomczyk continued. "John developed a talented leadership team with a depth of knowledge and experience in serving retail investors. Together they helped transform our client service teams into a true service and sales organization. John's approachable, straightforward manner will be missed by our associates and clients alike. We thank him for his contributions to TD Ameritrade and wish him well in his future endeavors."