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LPL Names Jim Putnam Chairman of the Board

March 13, 2017

Jim Putnam has been named chairman of the board of directors of the broker-dealer and RIA LPL Financial, replacing Mark Casady, WealthManagement.com writes.

Putnam, whose history with LPL goes back to 1983, most recently served as lead director on the board, on which he’s served since 2005, according to the web publication.

He’s also held leading positions in marketing and sales at LPL, WealthManagement.com writes. Putnam’s career, which started as an advisor at Dean Witter Reynolds in 1979, also included a stint as CEO of the brokerage clearing services firm Global Portfolio Advisors, according to the web publication. Global Portfolio sold off most of its businesses in 2014, WealthManagement.com writes.

Casady, who helmed LPL Financial for 14 years, announced his retirement in December.

He retired from his CEO position January 1, with Dan Arnold, previously LPL’s president, taking over his duties. But Casady stayed with the firm as non-executive chair until March 3.

In December Casady told the Wall Street Journal that his decision to retire was prompted in part by the substantial changes expected for the advice industry as a result of the Department of Labor’s fiduciary rule. The rule, which requires retirement brokers to put client interests first and was scheduled to go into effect in April, now faces a delay following a memorandum from President Donald Trump.

Trump’s presidential win, meanwhile, purportedly convinced LPL to stay independent despite previous reports of a possible sale.

By Alex Padalka
  • To read the Wealth Management article cited in this story, click here.