LPL Financial is seeking a senior vice president to run its employee advisor channel, seeded by its acquisition of Allen & Co., a small traditional employee brokerage firm, last year. The person will work alongside Peter Vincent, who was hired about a year ago from UBS to build out the employee channel.
According to LinkedIn, the position will be an executive role, with responsibility for the profitability of the new channel, which, the independent broker/dealer says, will grow to include multi-branches. They’ll also be responsible for managing branch offices’ P&L, recruiting and retaining advisors, and building advisor relationships.
Vincent, by contrast, has been developing the offering, and he’ll drive the recruiting strategy of the channel.
“We brought wirehouse talent over to make sure we’re meeting the mark for what we need because we think ultimately when we launch this model it’ll be attractive to wirehouse advisors,” said Rich Steinmeier, managing director of business development at LPL.
The new position will be based in LPL’s Fort Mill, S.C., office, although it will consider candidates in San Diego and Boston, where it also has offices.
The person must have at least 15 years’ experience in the financial services industry, with some leading a field-based employee model; a willingness to travel to branch offices; and a great understanding of the W-2 advice model. They must also have a bachelor’s degree, although the firm prefers someone with an MBA or similar advanced degree.
LPL Financial closed its acquisition of Allen & Co. last August and retained all 33 advisors at the firm, with $3 billion of client assets, in the transition. Those advisors, as well as Allen’s staff, joined LPL as employees.