After less than two years at the RIA-focused custodial and technology platform Altruist, Pete Dorsey has joined LPL Financial as executive vice president of institution services, the team responsible for LPL’s bank, credit union and enterprise clients.
Dorsey, who started with LPL on Sept. 21, succeeds Shawn Mihal, who joined LPL as part of the firm's acquisition of Waddell & Reed. He will leave the firm on Oct. 3. Dorsey reports to Matt Enyedi, managing director of national sales and marketing.
Dorsey was chief strategy and revenue officer of Altruist, which he joined in February 2021. Altruist founder and CEO Jason Wenk said Dorsey was brought on to acquire new customers, and run the product support and customer service teams. At the time, Wenk said he didn’t consider it a “sales role.”
Prior to Altruist, Dorsey spent 15 years at TD Ameritrade Institutional, where he led the sales, relationship management and consulting teams. He helped grow TD Ameritrade to become the second-largest RIA custodian in the country, generating over $650 billion in assets under management. Dorsey was known for providing advisors with best practices for growing their businesses and consulting on mergers and acquisitions.
Dorsey was part of a larger round of layoffs of TDAI executives in the wake of Charles Schwab’s acquisition of the firm.
“As LPL’s presence in the institution space continues to grow, we are confident that Pete will bring tremendous value to our partners and their financial advisors,” Enyedi said in a statement. “He has a track record of working closely with enterprises, institutions and advisors to help them establish and grow their practices, and he is deeply committed to their success. With Pete’s leadership, LPL will continue to evolve our efforts to create differentiated experiences for a growing range of institutions and enterprises, helping them thrive across all aspects of their wealth business.”
While LPL Financial has provided services to banks and credit unions for years, it's recently made a more concerted effort to support the firms and is optimistic about growth in the channel, according to LPL executives. The firm now serves about 1,100 institution-based investment programs.
Large financial institutions have become a more prominent source of growth for LPL itself in 2021, with the additions of BMO Harris and M&T. The firm also added CUNA Mutual Group’s wealth management business this year.
“LPL’s commitment to the institution space has impressed me, along with the firm’s ongoing delivery of investment solutions, strategies, tools and resources needed to help programs and institutions thrive,” Dorsey said in a statement.