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LPL Tag

National Planning Holdings CEO to advisers: No comment on LPL takeover talk

16:28 10 August in In the News by rafferty

August 9, 2017

By Bruce Kelly, Investment News

With speculation swirling about an imminent sale of the four National Planning Holdings Inc. broker-dealers, the network’s CEO, Scott E. Romine, last week took the extraordinary step to send an email to the 3,500 reps and advisers affiliated with the broker-dealers to say he would not comment about such rumors.

On July 30, Financial Advisor magazine on its website published an article titled “LPL Seen As Front-Runner To Buy National Planning Holdings’ B-D Network” and cited “sources in the insurance industry” for attribution. NPH is owned by insurer Jackson National Life Insurance Co.

The next day, Mr. Romine gave his no comment about a sale to LPL Financial. “I wanted to take a moment to address that and say firmly as a matter of practice and prudent management of our business,

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ThinkAdvisor

Victor Fetter Is Out at LPL; Former AmEx, eBay Exec Is In

21:36 22 June in In the News by rafferty

June 22, 2017

By Janet Levaux, ThinkAdvisor

The IBD taps Scott Seese for the CIO post in a move that one recruiter calls ‘a big deal’

LPL Financial says Chief Information Officer Victor Fetter is leaving the firm and will be replaced on July 10 by Scott Seese, who has been CIO of American Express’ global consumer business unit and of eBay.

The change comes about six months after Dan Arnold stepped into the CEO slot left by the retiring Mark Casady, who also acted as chairman. Previously, Arnold was president of the independent broker-dealer, a role he took on in 2015, when Robert Moore departed.

LPL’s stock traded down about 2% at under $41 per share on Thursday.

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ThinkAdvisor

LPL Shares Details on New Mutual Fund-Only Accounts

17:49 17 August in In the News by rafferty

August 12, 2016

By Janet Levaux, ThinkAdvisor

 

The new accounts deliver ‘cost benefits of direct business but with the ability to supervise that comes with LPL custody,’ the firm says.

LPL Financial is sharing details with its affiliated independent financial advisors about the new mutual fund-only brokerage account it expects to roll out in the first quarter of 2017.

The firm says that new type of account “delivers cost benefits of direct business but with the ability to supervise that comes with LPL custody,” according to a statement: It will have no IRA custodial fees or trading costs, should have an upload charge of 3 to 3.5% with a trail payment and is set to include a selection of products offered by mutual fund families.

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