LPL Financial this week named industry veteran David Akellian as its new executive vice president and head of custom clearing services.

Akellian joins the independent broker-dealer from Century Securities Associates, a Stifel Nicolaus & Co.-owned IBD, where he served as chairman and CEO and was responsible for providing brokerage services and investment products to both independent and RIA advisors.

Prior to that, he was president and head of global clearing and execution services for Merrill Lynch with full responsibility for strategic planning, product development, sales, client service, and P&L management.

In this new role, Akellian will lead the LPL Financial Custom Clearing Services (CCS) business, which currently supports seven major insurance companies and more than 4,000 advisors with a combination of brokerage clearing and advisory custody services.

"We are delighted that we continue to translate our industry-leading scale and resources into attracting the most seasoned and experienced leaders in the industry to our company," Jon Eaton, managing director at LPL Financial, said in a statement. "David Akellian has a demonstrated track record of profitably expanding and enhancing custody and clearing services platforms for major firms throughout our industry."

"We view our CCS business as a critical element of our strategy of enabling the delivery of unbiased and conflict-free financial guidance," he added.

Akellian will be based in San Diego and report directly to Eaton, company officials said.