Page 45 - Investment Advisor April 2021

BROKER-DEALER BEAT

By Janet Levaux

LPL’s Kalbaugh Explains Why Nice Guys

Finish First

The executive, who retired in late March, highlights lessons learned

over the past 14 years at LPL and his 32 years in the business.

fter 14 years with LPL Financial
and 32 years in the business,
A Andy Kalbaugh — head of
National Sales and Consulting — retired
in late March.
Kalbaugh won’t have one successor.
Instead, LPL is having several executives
take over his responsibilities, which are
being incorporated into broader ini-
tiatives to support advisors and their
growth strategies.
When he started at LPL in 2007, the
firm had about 5,700 affiliated inde-
pendent advisors. “We’re now at over
17,000. The expansion of that [advisor
base] and the skill sets needed [to sup-
port it] are really important,” he said,
adding that he believes LPL has the
required executive talent in place and
thus feels “pretty comfortable” about
the timing of his departure.
Known for his friendly, supportive
demeanor as an executive, Kalbaugh
spoke recently with Investment Advisor want to help people.” ic from Voya’s Martin, who could speak
about some of his career highlights, Before and during his time as CEO of easily and effectively to Wall Street
as well as the management skills and the AIG-owned broker-dealer American analysts, and from former AIG CEO
industry insights he’s learned from oth- General Securities (1995-2007), he saw Hank Greenberg.
ers. This includes current LPL CEO “as an executive, you want to be viewed Martin’s most critical advice to him?
& President Dan Arnold, the broker- as a person who people trust. They need “You need to [make deposits in others].
dealer’s former leader Mark Casady to know you genuinely care. … Once And the good part is that it’s free.”
(now with Vestigo Ventures and Lefteris [people] know you care, then they gen- While good leaders don’t always say
Acquisition Corp.) and Voya Financial erally tend to open up, and you can make yes to others, “they know you’re going to
Chairman and CEO Rod Martin. some deposits into their personal bank- try. If I say, ‘I’m not doing this one,’ but …
ing account.” I’ve treated you fairly along the way, that’s
HIS ‘NICE GUY’ REPUTATION That is helpful, Kalbaugh says, usually easier [for them] to understand.”
When asked about his affable approach “because there are times that will As a leader, “You need to have that
to business and working with others, require me to make a withdrawal. If I give and take, because it is not always an
Kalbaugh said he was “born with some make a withdrawal while having made a easy street. I want to make sure that I can
of that personality, whether that’s my bunch of deposits, that makes the with- get things done. And [this approach has]
upbringing or whatever you want to call drawal a little less painful.” worked well. It’s who I am, but it’s also
it. I like people, and I think most people He says he learned about this dynam- been a very conscious effort on my part.”

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