Pete Dorsey Joins State Street as Wealth Services CRO
Pete Dorsey, a seasoned financial services executive with tenure at LPL Financial, Altruist and TD Ameritrade, has joined State Street’s wealth services division as chief revenue officer for wealth custody and clearing. Dorsey joins from Wing Financial, an RIA and digital financial planning application he co-founded last year.
In the newly created role, Dorsey has been tasked with growing the wealth services business by attracting new business and expanding the firm’s wealth management capabilities.
“State Street sees significant opportunity in Wealth Services as wealth managers increasingly seek technology-enabled capabilities, global scale and deep servicing expertise,” said a State Street spokesperson. “Pete’s appointment reflects the firm’s continued investment in the business and commitment to supporting the evolving needs of wealth managers and their clients.”
“As we continue to expand State Street Wealth Services, attracting leaders of Peter’s caliber reflects both the momentum we are building and our commitment to investing in the talent, expertise and capabilities that will help RIAs, wealth managers and financial institutions succeed,” wrote Jennifer Stokes, senior vice president and head of wealth custody and clearing at State Street, in a LinkedIn post.
Prior to launching Wing, Dorsey was at LPL as an executive vice president of institution services, the team responsible for the independent broker/dealer’s bank, credit union and enterprise clients.
Prior to that, he served as chief strategy and revenue officer of Altruist, which he joined in February 2021. Altruist just announced plans this week to sell to asset management giant Vanguard.
As Vanguard takes steps to build out an RIA custodial platform with Altruist, State Street has been working to do the same. Last year, the asset manager made a minority investment in Apex Fintech Solutions to leverage Apex’s digital custody and clearing platform. That move was part of State Street’s expansion into wealth services.
“This partnership with Apex augments our wealth services capabilities and positions us to bring the same level of focus and execution excellence, as we provide technology and services to the growing global wealth customers’ investment goals,” said John Plansky, executive vice president and head of State Street Wealth Services, when the company made the Apex investment.
Plansky has been tasked with developing the global wealth services business, spanning investment advisory services, wealth advisor platforms and custody services.
