LPL Financial Names Dell Veteran As Chief Information Officer
LPL Financial LLC Thursday appointed Victor Fetter as chief information officer and managing director of its Business Technology Services unit as part of its long-term strategy to beef up its IT capability, including the increased use of social media, to serve clients.
Fetter’s hire is in conjunction with LPL Financial’s plans to boost spending in new information technology, says Mark Casady, LPL Financial chairman and CEO.
“We see it as a significant competitive advantage in doing so,” Casady says. “We’re increasing our IT head count by 50 percent by the end of 2013. We’re also increasing our project spend significantly, and have been doing so over 2-3 years.”
“Victor is a key part of that strategy,” says Casady. “He will bring to us deep technology knowledge, very much in terms of understanding the leading edge to where technology is going in mobile, social media and global sourcing to support programming and other activities that you need to run a modern IT organization.”
LPL Financial has already hired 38 of its planned 40 new IT staff positions. The company still has 60 additional openings that it wants filled by the end of January. The majority of the new hires will work at the company’s new Tech Town East based in Charlotte, N.C.
Fetter, who starts Dec. 17, will be based in Charlotte. He will also serve as a member of the firm’s Executive Management Committee.
Fetter says he joined LPL Financial because it offered the opportunity help transform the company’s information technology base. “I was really intrigued about what they’ve done and how fast they’ve come into the marketplace, as well as the opportunities ahead,” Fetter says. “Couple that with the investments in technology and the great talent that exists within the organization.”
Added Fetter: “Technology is changing industries, it’s changing how people engage and do business,” he says. “I think it’s just a great sweet spot for us to come in and continue to bring great innovations in the marketplace.”
A 22-year information technology industry veteran, Fetter joins LPL Financial from Dell Inc., where he served as vice president and chief information officer of Dell online, where he helped deliver products for Dell's consumer and commercial customers. Before Dell, Fetter served as the global CIO at Mercer Human Resources Consulting.