LPL Financial announced Monday that Kabir Sethi will join the firm as managing director and chief product officer. Sethi, former head of digital for Merrill Lynch Wealth Management, will lead LPL’s wealth management solutions group, Burt White’s former organization. White recently joined Omaha, Neb.–based Carson Group as managing partner and chief strategy officer.
At Merrill, Sethi reported to Chief Operating Officer Kirstin Hill, who continues to lead the wirehouse's digital platforms while the firm seeks a replacement.
LPL also announced that Managing Director Matt Enyedi, who currently leads the business solutions group, will shift to head of national sales and marketing, a role previously held by Andy Kalbaugh, who retired last year. Enyedi previously worked in the national sales organization under Kalbaugh, so he’s returning to a familiar group, although it is expanding to include the marketing division.
The leadership changes take effect May 2, and both executives will report to LPL CEO Dan Arnold.
LPL said it will name a new head of business solutions in the coming weeks. Launched nearly three years ago, the division connects advisors to LPL experts to outsource a wide range of back-office business functions for a monthly subscription fee.
Sethi leaves Merrill Lynch after 18 years with the firm. Over the past six years, he’s overseen the rebuilding and reconstitution of the wealth management platform both for advisors and clients. A record 81% of wealth management clients are actively using Merrill's digital capabilities. With his appointment, LPL has aligned its wealth management solutions group with a focus on its technology platform; Sethi was credited with a similar accomplishment at Merrill.
“[LPL’s] nimbleness, flexibility and differentiated business model create a powerful combination in an industry that is growing and evolving at a rapid pace,” Sethi said, in a statement. “I am excited to join the firm as the next step in my career, and am looking forward to working with advisors and employees alike to shape the future of financial advice.”