CD&R, the private equity owner of Focus Financial Partners, has tapped Charles Schwab’s former CFO, Peter Crawford, as an operating advisor to help evaluate and select new investments in the financial services space, including RIAs, and support existing portfolio companies. Crawford was named to Focus Financial’s board on February 4.
The move shows CD&R’s continued interest in the advisory space, where it made a splash in 2023 by taking registered investment advisor Focus Financial private in a $7 billion cash deal.
Crawford had climbed the ranks at Schwab for 23 years, taking the CFO spot in 2017 and retiring in 2024. He worked on one of the broker/dealer industry’s biggest acquisitions and integrations with the $22 billion deal for TD Ameritrade in 2020. The transition of clients proceeded for the ensuing years and was finalized in July 2024.
Crawford and several other top executives left Schwab once the work was complete. Bernie Clark, the well-known head of the firm’s advisor services division, also left, replaced by Jon Beatty. CEO Walt Bettinger announced his resignation shortly after, to be replaced by Schwab President Rick Wurster.
“They’re bringing in an incredibly skilled industry veteran who has seen the largest ever conversion in the broker/dealer space,” said Andrew Besheer, managing principal of Besheer & Associates LLC. “It gives them that much more credibility.”
Focus Financial is one of two CD&R investments in the financial services sector, alongside insurance brokerage TIH. CD&R executives have said they will look to take more stakes in the wealth management ecosystem.
CD&R’s playbook has been to bring in industry experts with business sector expertise to help guide strategy in its portfolio companies. That includes Dan Glaser, former president and CEO of Marsh McLennan, who, as an operating partner, is also focused on financial services investments. Glaser has helped guide current Focus Financial CEO Michael Nathanson to integrate many of the firms inside that company.
Former Proctor & Gamble CEO David Taylor is a senior advisor working on consumer and healthcare verticals, and former Tesco CEO Terence Leahy is a senior advisor with experience in consumer and retail services.
Crawford joined Schwab in 2001 from McKinsey & Company, and for a time was chief of staff to founder and then-Chairman Charles Schwab.
“Peter has a strong track record of leadership and innovation in the wealth management and retirement services industries, built up over more than two decades, which we believe will be of great value to our funds as we seek to expand our investment activities in this space,” David Winokur, partner at CD&R, said in a statement.