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Is Your Broker-Dealer in a Death Spiral? 4 Steps to Discovery

17:13 11 December in Articles Written by Jon Henschen by rafferty

December 8, 2016 By Jon Henschen as featured on ThinkAdvisor In a recent conversation with an advisor at an independent broker-dealer, I brought up a few issues of concern regarding his BD. They included a pattern of disparaging press the firm had experienced over the last few years, the loss of numerous advisors, several large fines that had been imposed and their financials running at a loss in the most recent focus filing. The advisor went to the president of the broker-dealer, who assured him that everything was fine, that they had not lost numerous reps and all was in excellent order. The advisor then shared his feedback with me with an attitude that appeared to imply that either I was misinformed or had not been telling him the truth. About a month later,...

Fundfire a Financial Times Service

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...

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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...