LPL Financial has tapped Merrill Lynch’s digital platform chief to oversee its technology capabilities and wealth management platforms, according to an announcement today.
Kabir Sethi will serve as LPL's chief product officer. He will be responsible for leading product strategy, development and management for products that will benefit LPL advisors, registered investment advisors and institutions, the release said.
Sethi is taking over the division that was previously headed by Burt White, who left in March and was recently hired by Carson Group as managing partner and chief strategy officer.
At Merrill Lynch, where he had been since 2004, Sethi oversaw the firm’s digital platforms serving the wealth management business, including the financial advisor and client experience, wealth planning and advisor digital presence and acquisition. Prior to that, Sethi was responsible for Bank of America’s consumer banking digital platforms and capabilities. He also worked at global management consulting firm Booz Allen Hamilton.
“LPL’s vision provides immense potential for what we can do to support advisors and their clients,” Sethi said in a statement. “The firm’s nimbleness, flexibility and differentiated business model create a powerful combination in an industry that is growing and evolving at a rapid pace. I am excited to join the firm as the next step in my career and am looking forward to working with advisors and employees alike to shape the future of financial advice.”
In another leadership move, LPL said managing director Matt Enyedi will shift from LPL business solutions to head national sales and marketing. He will lead the teams focused on growing LPL’s relationship with its advisors, RIAs and institutions and helping advisors grow their relationships with their clients, the release said.
Enyedi has been with LPL since 2003. In his most recent role, he was responsible for developing and deploying a suite of professional services to support advisors as business owners. He also was executive vice president for national sales. “I am deeply honored to lead an organization that has been designed from the ground up to ensure our clients have everything they need to be successful,” he said.
The new assignments will take effect May 2, and both men will report to president and CEO Dan Arnold
“I believe that the formula to our success combines a good strategy, with solid execution, aligned with a strong culture and the best leadership,” said Arnold. “The advisor is the center of everything we do, and these hires represent that. With Kabir and Matt, we have two strong leaders to further position our firm and our advisors as the leading choice to serve the growing demand for advice through an advisor relationship. These two leaders represent the best of both worlds with internal and external talent.”