LPL Names Former E-Trade Exec CFO

In early March, Arnold moved out of the CFO role when then-President Robert Moore announced plans to become CEO of Legal & General Investment Management America.

In early May, LPL said it hired David Wright to be chief technology officer, a new role for the independent broker-dealer. Wright was interim CIO at McGraw-Hill for seven months and was previously with Capital One for nearly 15 years. He also has worked for the Federal Reserve Bank of Richmond, Virginia, and AT&T.

The IBD recently shared details on 67 financial advisors it recruited in the first quarter, which represent some but not all of its Q1 recruited reps. Almost two-thirds of this group of indie advisors, or 64%, have client assets of $100 million or less and come from a broad mix of broker-dealers. Fifteen of the new affiliates, though, moved to LPL from the four wirehouse firms.

The independent broker-dealer, which also serves as an RIA custodian, stated that it attracted 10 teams of two FAs and four individual advisors with $100 million in client assets and up; 16 FAs and one team of two reps with between $50 million and $100 million in assets; and 25 reps with between $30 million and $49 million in assets.

"LPL continues to recruit high-quality advisors of various production levels across all channels," said Bill Morrissey, managing director and divisional president of Independent Advisor Services, in a statement. "We believe that our technology solutions, service and resources set us apart within the independent broker-dealer marketplace by providing advisors more opportunities to meet the diverse needs of their clients."