Page 46 - Investment Advisor June 2022

BROKER-DEALER BEAT

By Jeff Berman and Ginger Szala

LPL Picks Up Merrill Exec, Shuffles Leadership

Also, why one study says RIA advisors are better at picking funds than
BD advisors.

PL Financial in late April
announced leadership changes
Lto its Management Committee
that include the addition of Kabir Sethi,
currently managing director and head
of digital wealth management at Merrill
Lynch, as managing director and chief
product officer. The changes were to be
effective May 2.
“Best move LPL has made in
years. They just landed one of the
top wealth technology minds of our
time!” tweeted Doug Fritz, head
of consultancy F2 Strategy early
Tuesday about Sethi’s hiring. needs and perspectives of our clients,” LPL announced in February last
Sethi, who will assume many respon- LPL said. He joined LPL in 2003, and year that, after 14 years with LPL
sibilities previously handled by former served in various roles over the years. Financial and 32 years in the business,
LPL executive Burt White, was with As managing director, LPL Business Kalbaugh — head of National Sales and
Merrill since 2004 and served in a vari- Solutions, Enyedi has been responsible Consulting — was set to retire in late
ety of roles, including his current posi- for developing and deploying a suite of March 2021. Kalbaugh wouldn’t have
tion since August 2016, according to professional services to support advi- one successor, LPL said at the time.
his LinkedIn profile. Earlier at Bank sors as business owners. He previously Instead, LPL said it planned to have
of America, Sethi was responsible for was executive vice president, National several executives take over his respon-
its Consumer Banking digital platforms Sales, where he led the firm’s data ana- sibilities, which were to be incorporated
and capabilities, LPL noted. lytics and business intelligence efforts, into broader initiatives to support advi-
He will direct LPL’s technology and “oversaw a team focused on provid- sors and their growth strategies.
capabilities and wealth management ing capabilities to help advisors grow “The advisor is the center of every-
platforms and “lead product strategy, their businesses and reach new seg- thing we do and these hires repre-
development and management to drive ments of clients,” the firm said. sent that,” Arnold said in a statement.
innovative, high-quality products that Earlier, Enyedi also was responsible “With Kabir and Matt, we have two
will benefit LPL advisors, RIAs and for teams supporting LPL’s RIA custody strong leaders to further position our
institutions,” the firm said. and high-net-worth solutions. He will firm and our advisors as the leading
Sethi will report to LPL CEO and now head the teams “focused on grow- choice to serve the growing demand
President Dan Arnold. ing LPL’s relationship with its advisors, for advice through an advisor relation-
RIAs and institutions and helping advi- ship. These two leaders represent the
ENYEDI PROMOTION sors grow their relationships with their best of both worlds with internal and
Meanwhile, Matt Enyedi, currently clients,” the company said. external talent.”
managing director of LPL Business Last month, White retired as LPL’s
Solutions, will move from that division OTHER CHANGES chief investment officer and managing
to serve as managing director of the That expanded organization now also director. He was with the firm since
organization once led by Andy Kalbaugh. includes marketing and its name has November 2007. White recently joined
Enyedi started his career as a financial been changed to National Sales and Carson Group as its chief strategy offi- Adobe Stock
advisor and “understands the unique Marketing. cer and a managing partner.

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