In the News

LPL CEO Change Undermines Sale Rumors: Citi Analyst

16:27 06 December in In the News by rafferty

December 6, 2016 by Danielle Verbrugghe, FUNDfire   LPL Financial’s longtime CEO Mark Casady is set to retire early next year. The firm’s current president will replace him. Casady will retire from the CEO role effective January 3, 2017, according to an announcement from the firm. Dan Arnold, the current president of LPL, will become president and CEO at that time, and will join the board of directors. Casady will continue as non-executive chair of the board until March 3, 2017. The leadership change comes as LPL Financial is preparing to help its advisors comply with the new Department of Labor (DOL) fiduciary rule for retirement advice, which is set to take effect in April 2017. LPL was reported to be considering a sale, ahead of the onset of the new rule. The announcement means that a sale is unlikely to take place in...

Casady Leaving LPL at ‘Challenging Time,’ Recruiters Say

16:16 06 December in In the News by rafferty

December 5, 2016 By Janet Levaux, ThinkAdvisor The independent broker-dealer says President Dan Arnold will take over in 2017 LPL Financial’s Mark Casady will step down as CEO on Jan. 3, 2017, the firm said Monday. Casady, 56, who has run the Boston-based independent broker-dealer for 10 years, will stay on as non-executive chairman through March 3. President Dan Arnold will take over as CEO. Arnold has served as LPL’s president since March 2015, having joined the firm in 2007. “The board extends its deep appreciation to Mark for his outstanding leadership and careful stewardship of the LPL mission over the past 14 years, and we wish him the very best in his retirement,” said Jim Putnam, the board’s lead director, in a statement. “In selecting Dan Arnold, the board has demonstrated its confidence in a...

DOL Rule Could Force Broker Moves

16:31 01 December in In the News by rafferty

November 30, 2016 By Dan Jamieson, Financial Advisor Many advisors who will be unable to sell commissioned investments in IRAs after the DOL rule goes into effect are being forced to shop for new homes. Firms and recruiters are seeing an uptick in the number of inquiries by reps looking for firms that will accommodate commission business. Some firms appear to be waiting to see if the rule survives, but that’s a big risk, observers said, because advisors can’t be stuck come April, when the rule is set to go into effect, with no way to do business. The best-interest contract exemption, or BICE, allows brokers to sell commissioned investments to IRA owners. “We have never had so many live recruits,” echoed Steve Distante, chief executive of Vanderbilt Securities based in Woodbury, N.Y., an independent...