TD Ameritrade Institutional is looking both near and far for a new head of advisor sales.

Kim Hillyer, a spokeswoman for the Omaha, Nebraska-based firm confirmed that Derek Bruton, managing director of advisor sales, left last week and that the firm is searching for a successor.

Tom Bradley TD Ameritrade Institutional president

"We are going to be looking at internal and external opportunities," Hillyer revealed, adding that, in the interim, the six regional sales heads will report directly to TD Ameritrade Institutional president Tom Bradley. Bradley's mandate is to challenge Schwab in the independent RIA custody business.

An industry insider revealed the Bruton, who was based in Jersey City, left to join Boston and San Diego-based Linsco-Private Ledger. However, spokespeople for LPL could not immediately be reached for comment. Hillyer declined to comment on whether or not Bruton would be joining the independent broker-dealer, but she did confirm his general trajectory.

"He and his family decided to relocate to Southern California to be closer to other family members," Hillyer said.

According to Hillyer, Bruton joined TD Waterhouse Institutional in March 2005, and stayed on through the January 2006 merger with Ameritrade. 

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