Chicago-based Envestnet has hired Dani Fava, who had led innovation for TD Ameritrade Institutional since 2016, as its head of strategic development, according to a news release.

The wealthtech veteran is the first high-profile departure from TD since the Department of Justice and shareholders approved Charles Schwab’s merger with TD Ameritrade about seven weeks ago. 

Fava will report to Rich Aneser, group head of strategy at Envestnet, who was hired in March to build the technology firm's new strategy office. The group, the release said, partners with teams across the enterprise to manage strategic development, engagement, and planning across the organization, including organic cross-functional efforts, external partnerships, inorganic M&A, and evaluation of growth opportunities. 

In her newly created role, Fava will work closely with business, product, and client-facing teams to identify, analyze, and prioritize transformative opportunities to expand and deliver on Envestnet's strategic roadmap, the release said.

At TD Ameritrade Institutional, Fava managed the launch of the iRebal portfolio rebalancing solution on the Veo platform, and the Model Market Center. She also was responsible for rolling out TD Ameritrade's voice-first capabilities, which deploy conversational AI for communicating with advisors. Prior to joining TD Ameritrade in 2012, Ms. Fava was a Senior Product Manager and Strategist at Fiserv.

In a statement, Fava said, “Cutting-edge technology and strategic partnerships make it possible for Envestnet to grow and implement its vision to make financial wellness a reality for more people. I have been able to get to know Envestnet's unified technology platform through our deep integrations over the years, and look forward to working with the other members of the Envestnet team to make sure our entire organization remains at the forefront of innovation."