Georgis returns to the fold, rejoins Schwab

J. Nicholas Georgis is returning to Schwab Advisor Services as vice president for strategic business.

Among other things, Mr. Georgis will be responsible for relationships with independent broker-dealers and RIA consolidators, turnkey asset management programs and sales of Schwab’s reporting system for trusts, according to Schwab spokeswoman Alison Wertheim.

“The area he will really focus on is new business acquisition strategy,” which includes advisers from wirehouses and other types of firms either setting up their own shops or joining existing advisers who keep assets in custody at Schwab, Ms. Wertheim said.

Schwab also helps consolidator firms, which buy and recruit other advisers, bring on those new outfits, an area Mr. Georgis will also handle, Ms. Wertheim said.

His return was first reported by RIABiz yesterday.

Mr. Georgis was hired by Bernard “Bernie” Clark, who runs Schwab’s registered investment adviser custody business.

Mr. Georgis worked for the discount brokerage from 1991 to 2004, and held a number of jobs including national sales director. He left Schwab to join Russell Investment Group, where he served as managing director for distribution and strategy. While at Russell, Mr. Georgis was chief liaison with registered investment advisers.

In 2008, Mr. Georgis left Russell and signed on with Wetherby Asset Management.

The unexpected return of Mr. Georgis comes just weeks after Barnaby Grist left his position as senior managing director of strategic business development at Schwab’s investment adviser group. Mr. Grist jumped to Cetera Financial Group, a new independent-brokerage venture controlled by Lightyear Capital LLC.

Mr. Georgis’ return follows a reorganization at Schwab’s adviser group, the largest custodian for assets managed by registered investment advisers, in which Mr. Clark was tapped to run the business.

[Photo of Nicholas Georgis by Vincent Ricardel]

Related Topics: Charles Schwab & Co.