Bill Dwyer, a 20-year LPL veteran and its president of national sales, is retiring from the independent broker-dealer, according to sources familiar with the situation.
LPL declined to comment on the matter.
Dwyer has been one of the architects of LPL Financials rise to dominance in the independent broker-dealer space. In every one of the past 20 years that he has been with the firm, LPL has been the top firm on Financial Plannings annual list of the countrys largest independent broker-dealers.
In his role as head of national sales, Dwyers responsibilities include the recruitment and satisfaction of advisors.
Dwyer was widely seen as a possible successor to LPL's Chief Executive Officer Mark Casady, should Casady decide to step down.
Some observers say Dwyers departure clears the way for the company's president, Robert Moore, to be next in line for Casadys job. Chip Roame, managing partner of Tiburon Strategic Advisors, also cited Esther Stearns, CEO of LPLs new mass market offering NestWise, as a possible contender.