TD Ameritrade Institutional has promoted its Western regional head of new advisor business development to a post managing new advisor business throughout the division.

Peter Dorsey, 40, will have the title of managing director of institutional sales for TD Ameritrade Institutional. In his new role, he will oversee advisor recruitment, practice management consulting, relationship management and sales strategy. He is replacing Tom Nally, who took over for Tom Bradley as president of TD Ameritrade Institutional in early February. Bradley, meanwhile, moved on to become president of retail distribution for TD Ameritrade Holding Corporation.

“Pete’s strong leadership abilities, industry experience and a continued commitment to serving the needs of RIAs make him the ideal choice for the position,” according to Nally.

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Dorsey has been with TD Ameritrade for more than seven years. His most recent post was director of sales responsible for business development in the Western region of the U.S. He has been working with RIAs for nearly 15 years, according to the firm.

Ann Marsh writes for Financial Planning.