LPL Financial LLC has appointed Shawn Mihal to the position of executive vice president of institution services, the company announced in a news release.

In his new role, Mihal will be responsible for expanding the capabilities and services LPL offers to institutions and their clients, as well as supporting their plans for long-term growth. He will report to LPL chief customer care officer and managing cirector Dayton Semerjian, based in the firm’s Fort Mill, S.C., office.

Mihal most recently served as president of Waddell & Reed, Inc., the broker-dealer subsidiary of Waddell & Reed Financial Inc., which LPL acquired in April. He earned a bachelor’s degree in economics from the University of Cincinnati.

Mihal succeeds Arthur Osman, who joined LPL through its 2007 acquisition of UVEST Financial Services Group Inc. Osman will work closely with Mihal to ensure a smooth transition, then take a step back to spend more time with his family beginning July 1, the news release said.

Headquartered in Fort Mill, S.C., San Diego and Boston, LPL Financial LLC is one of the country’s largest independent broker-dealers, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide.