LPL Financial has reorganized its management ranks, naming a new president and rejiggering other top management in moves it says are designed to better serve advisors, particularly those who serve the mass market.
Robert Moore, the company's chief financial officer, has been named president and COO for LPL Financial effective May 1. Moore will remain CFO while the company undertakes an executive search to fill that role. LPL's current president, Esther Stearns, has been named CEO of a new LPL subsidiary, LPL New Venture, which will provide services for advisors new to the industry who are serving the mass market.
Moore's ascendance at LPL comes as little surprise to industry observers. Prior to joining LPL in September 2008, he had served as CEO of LaSalle National Bank and negotiated the sale of the Chicago-based bank to ABN Amro. Since he became LPL's CFO, his responsibilities have been expanded on several occasions.
Bill Dwyer's role as president of national sales has been increased to include oversight of the firm's sponsor relations. He will continue to be responsible for all aspects of Independent Advisor Services and Institution Services business development, including attracting new financial advisors and institutions to the firm, as well as retaining and promoting the growth of existing business through oversight of business consulting, advisor-facing technology, business engineering and sponsor relations.
"LPL Financial has a tremendously deep and strong management team across the organization, and while Robert has been a terrific CFO, we are delighted that he will be taking on broader responsibilities as president and COO," said Mark Casady, LPL Financial's chairman and CEO.
Stearns said LPL New Venture will better prepare the firm to take advantage of changing dynamics in the financial services marketplace. "We expect to share additional details in the coming months about this entrepreneurial new subsidiary, which will build on LPL Financial's platform of services for new advisors-many of whom are embracing rapidly expanding opportunities in the mass market segment," she said. "As we develop this new business, the way we support our existing advisors will only be enhanced."
LPL New Venture's debut indicates the nation's largest independent brokerage firm is building out divisions to target different retail market segments. Earlier this year, it acquired Fortigent, a provider of alternative investment platforms, to expand its footprint in the high-net-worth space.