(Dow Jones) Independent broker-dealer LPL Financial has given Derek Bruton oversight of its hybrid brokerage-registered investment advisor platform in addition to his responsibilities as head of sales for the company's Independent Advisor Services unit. The move is meant to make the consulting services that LPL offers its institutional clients-mainly independent brokers and investment advisors-core offerings along with financial-planning and investment-advisory support.
LPL launched its Hybrid RIA platform late in 2008 to support independent fee-based advisors who want to operate as fiduciaries but retain access to commission-generating services, primarily as a client service.
By the end of 2009, LPL's Hybrid RIA business supported 92 firms and accounted for $7.3 billion in assets under management, with growth coming mainly from ex-wirehouse brokers and large independents, including existing LPL affiliates.
"We intend to further accelerate the profitable expansion of our Hybrid RIA platform under Derek Bruton, who brings a wealth of experience in operating and growing existing RIA custody platforms across the industry," LPL's national sales and marketing head Bill Dwyer said in a press release.
Bruton joined LPL from TD Ameritrade's institutional business, where he was national sales manager, in September 2007.
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