Joan Khoury is out as LPL Financial's chief marketing officer as a result of an executive restructuring at the nation's largest independent broker-dealer.
Khoury's position will be eliminated and "most of the company's existing marketing functions and all of its training teams" will transition to a new Client Experience and Training group headed by Mimi Bock, LPLs executive vice president of independent advisor services/business consulting.
LPL was unhappy that Khoury had not achieved the brand recognition for the firm that top management had hoped for, industry sources told Financial Planning. In a statement, LPL described the move as a "strategic shift."
Khoury had been in the job for a bit more than two years, coming over from Merrill Lynch, where she had been senior vice president, strategic marketing executive, for the firm's wealth management unit from late 2009 to early 2012. Previously, Khoury held marketing positions at Evergreen Investments and Bank of New York Mellon.
Khoury was not immediately available for comment.
Bock will become managing director for CET group, which will include client communications, marketing support services, conference planning and training services for both independent advisors and institutions.
As part of a shift in the support provided by LPL's Advisor & Institution Solutions business, the company also promoted Ryan Parker, who previously served as executive vice president. Parker will become managing director for Investment & Planning Solutions, which has been expanded to include advisory, investment, insurance and financial planning offerings.
Both Bock and Parker will report to Robert Moore, president of LPL Financial.
"We recognize the importance of always evolving to ensure the right people and positions are in place to meet the expanding opportunities within the marketplace and enhance the client experience," Moore said in a statement. "I'm pleased that the depth of our talent allows us to fill these important roles within our new structure with leaders who already possess a personal connection to our clients and their business."
Before joining LPL Financial in 2012, Bock worked for 20 years at Morgan Stanley Smith Barney, where she held a series of leadership roles in equity sales, financial advisor development, client marketing, and field management, ultimately culminating in the role of managing director of the global wealth management southeast division.
Parker joined LPL Financial in 2013. Previously he was a managing director at Russell Investments, where he most recently led the national accounts and business development functions across the bank, broker/dealer, insurance, and RIA channels in the U.S. advisory market. Parker also worked at Franklin Templeton Investments and Putnam Investments.
Khoury will officially leave LPL at the end of August. I want to recognize Joan Khoury for all her contributions to LPL Financial during the past two years, and thank her for staying on to assist in the transition, including leading us into focus14, our premier advisor conference. We wish her well in her future endeavors, Moore said.
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