LPL cannibalizes executive talent and launches mass-market entity
If anyone can crack the uncrackable low-end market, it's Esther Stearns, analysts and headhunters say
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
Dave Welling's rollup hits $39 billion of AUM and hires a 37- year-old breakaway from BlackRock to turn internal five-click shopping into a 'single conversation'
The Mercer Advisors CEO in Denver now has a 'president' reporting to him from the Big Apple to take on the specific mission of wiring a national RIA, rather than day-to-day operations at a rollup.
October 21, 2022 at 5:48 PM
Mark Casady is under the gun to spend his SPAC's $200 million of cash to avoid October deadline but a recent SEC filing sounds an ominous note after CEO departs
Lefteris reports that Jon Isaacson is taking over as CEO from Karl Roessner, the 'natural choice' to make a deal, according to Casady, though it's down to a few weeks
September 29, 2022 at 1:24 AM
How a white senior vice president at an LPL OSJ came to hire a former black minister as recruiter despite the latter's pledge to make it 'uncomfortable' at times
Rob Sandrew hit it off with Keith L. Frasier, willing to speak up on racial and racial justice issues, who also checks all the boxes for attracting talent and assets at a firm that recruited $2 billion last year
August 19, 2020 at 2:18 AM
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Top Executive: Dan Arnold
Very smart move.
Merrill is focused on the retail market ($100,000 to $1.6 million where estate planning kicks in), HNW ($1.6 million to $5 Million) and ultra HNW ( $5 millio plus) space and several noteworthy firms are focused on $25 milion plus individuals, but who is focusing on the mass market ?
The mass market has the most investors with the least assets, the least complex circumstances that is greatly benefited by scale and technology. If done properly superior value can be provided at a lower cost to great client benefit. LPL could own the mass market and greatly elevate the role and counsel of the advisor by delineating a range of services and value added that requires sophistication and scale at a cost which would be formidable for unaffiliated advisors to replicate taking full advantage of advanced expert prudent processes and technology.
Market segmentation of expert personalized advisory services is faster, better and cheaper if support is made scalable and easy to use as a business enterprise, rather than a series of disjointed unrelated commision product sales.
This is terribly empowering for advisors, who have here-to-fore have had to reinvent the wheel and have had no market segment specific support for actually advising clients rather than selling products. Brilliant !!!!
This is the beginning of a new level of market leadership which will transform the industry. LPL is putting the advisor on their back and greatly elevating their role and counsel. An unprecedented level of investment and administrative counsel is expertly provided at less cost than a packeage product, the advisors professional standing is established, a much higher level of client service is achieved, LPL achieves a much higher profit margin and the advisor is no longer in it on their own in creating and supporting expert counsel.
This is beyond brilliant and outdates conventional product support with comprehensive expert client specific solutions !!!!