Investment advisory firm and independent broker/dealer LPL
Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc., announced
that Mark Casady will retire from his role as chief executive officer, effective
January 3, 2017.
At the same time, the LPL board of directors has appointed
Dan Arnold, current LPL president, to be president and CEO effective upon
Casady’s retirement. Arnold will also join the board at that time, and Casady
will continue as non-executive chair of the board of directors until March 3,
Arnold has served as LPL president since March 2015 and has
been responsible for driving the development of the firm’s long-term strategy. With
LPL since 2007, he has more than 20 years of industry experience, having
previously served as LPL’s chief financial officer and, before that, head of
strategy and divisional president of LPL’s Institution Services business.
Jim Putnam, LPL’s lead director of the board, says the
choice to go with Arnold as CEO coincides with the leadership team’s commitment
to investing in the business, adding that the company will focus on “improving
the adviser experience through technology, enhancing capabilities to support
adviser growth, and driving operational efficiency” under Arnold’s leadership.
Arnold joined LPL through its acquisition of the UVEST
broker/dealer—a provider of investment services to banks and credit unions—which
he led as president and chief operating officer. As LPL chief financial
officer, Arnold was responsible for formulating financial policy and ensuring
the effectiveness of the organization’s financial functions. Most recently, he
has led the firm’s focus on business development, existing adviser and
institution growth, the client experience, research capabilities and sponsor
Since joining LPL in 2002, he oversaw the firm’s transition
from a primarily brokerage-based business to a significant provider in the
retail investment advisory space.