LPL Financial on Thursday named David Akellian as executive vice president and head of the firm's custom clearing services business.

Akellian is the former chairman and CEO of Century Securities Associates, a Stifel Nicolaus & Co-owned independent broker-dealer. In his new role at LPL, the nation's largest independent broker-dealer, he will lead a division that supports seven major insurance companies with a combination of brokerage clearing and advisory custody services used by more than 4,000 advisors. 

Akellian will be based out of LPL's San Diego headquarters, and will report directly to Jon Eaton, the firm's managing director.

"David has a demonstrated track record of profitably expanding and enhancing custody and clearing services platforms for major firms throughout our industry," Eaton said.

Akellian has nearly 30 years of experience in the financial services industry, and has worked in the clearing and custody business most of his career.

Prior to Century Securities Associates, Akellian was president and head of global clearing and execution services for Merrill Lynch, where he was responsible for strategic planning, product development, sales, client service, and P&L management.

Before that, Akellian was chief operating officer and head of investment manager services for the Pershing division of Donaldson, Lufkin, & Jenrette.