FSC Securities CEO Jerry Murphy has stepped down, giving way to a newly hired replacement, former Waddell & Reed president Derek Burke.

The shakeup at Atlanta-based FSC, which is effective immediately, was announced Wednesday by its parent company, Advisor Group, the nation’s second-largest network of independent broker-dealers. FSC is the third-largest IBD in Advisor Group’s stable, and the 23rd largest IBD overall.

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