Esther Stearns, LPL Financial’s longtime president and COO, has been appointed chief executive officer of a newly created LPL subsidiary called LPL New Venture.

The subsidiary will provide a set of services to advisors who are new to the industry and who are dedicated to serving mass-market clients.

In a statement, LPL says that segment often does not get enough professional financial advice. 

Robert Moore, the current CFO, has been named president and COO for LPL Financial, taking over Ms. Stearns’ position. Moore will remain CFO while LPL Financial searches for a replacement.

“The launch of LPL New Ventures will better prepare the company to take advantage of significant opportunities arising from changing dynamics within the financial services marketplace,” Stearns said in a statement.