In an abrupt move at the nations largest independent broker-dealer, rising star Dan Arnold has replaced industry veteran Robert Moore as president of LPL Financial.
Arnold, formerly chief financial officer, developed a stellar reputation for his financial and strategic acumen and operational skills among industry executives and analysts dating back to his tenure as head of UVEST, a broker dealer acquired by LPL in 2007.
Moore will become chief executive of Legal & General Investment Management America, a Chicago-based firm that manages $108 billion in fixed income and liability-driven assets for the U.S. institutional market. He joined LPL as chief financial officer in 2008 and became chief operating officer before becoming president in January 2013, replacing Bill Dwyer, who briefly retired before joining RCS Capital last year.
Arnold served as head of strategy for LPL before becoming CFO in 2013, and quickly impressed LPL Chairman and Chief Executive Officer Mark Casady, according to industry sources. Arnold reported directly to Casady as CFO.
"Along with the fiscal discipline that comes from having been CFO," Casady said Tuesday in a statement, "Dan has many years of experience driving revenue growth through a combination of sales, marketing and business development leadership roles. He brings an entrepreneurial mindset that will help us continue to support the success of our advisors and institutions."
LPL named Tom Lux as acting chief financial officer while the firm conducts a search for a new CFO. Lux joined LPL in 2009, holding several positions in LPL's finance organization, including executive vice president and chief accounting officer. Before joining LPL, he worked for National Financial Services, Wachovia Securities, Everen Securities, and Deloitte and Touche.
As part of its corporate shuffle, LPL also announced it promoted Andy Kalbaugh and Bill Morrissey to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively. Kalbaugh and Morrissey will report to Arnold. An LPL official said none of the executives would be available for comment.
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