LPL Financial Reveals Presidential Transition

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, 2017.

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 partnerships.

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.