LPL Financial's popular head of independent advisor services, Derek Bruton, is resigning "in light of the companys concerns about Mr. Bruton's interactions with other employees," the countrys largest independent broker-dealer said Friday evening in a filing with the SEC.
The resignation was not related to company performance, said LPL spokeswoman Betsy Weinberger in a statement.
Bruton's role included oversight of LPL's more than 13,000 independent financial advisors.
Asked how interactions with other employees could be construed as not part of any management role, Weinberger said she could not respond to the question.
The LPL statement noted that it plans to fill his position from a slate of internal leaders, capitalizing on the strong talent we have developed at LPL.
On Feb. 14, he sold $851,360 worth of LPL shares, according to a separate LPL filing with the SEC.
Bruton did not immediately respond to requests for comment.