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LPL Nabs IBM Whiz to Boost Recruiting

September 28, 2018

Following the loss of several recruiters in recent months, LPL Financial is apparently betting that new technology can help boost its recruitment chops, according to WealthManagement.com. The firm has hired Scott Posner, an IBM executive, as its new executive vice president of business development, the web publication writes.

Posner, who was a vice president and partner at IBM, had also worked in BNY Mellon’s investment services unit, WealthManagement.com writes. Richard Steinmeier, LPL’s managing director and divisional president of business development, says that Posner will bring “a vision for applying emerging technologies that enable productivity and improve outcomes,” according to the web publication.

“I am energized by the firm’s desire to leverage data, technology and innovation to transform the sales experience,” Posner says in a statement cited by WealthManagement.com. “I look forward to working with this dynamic sales team to maximize results for the firm and develop relationships with advisors through meaningful engagement.”

LPL’s recruiters, however, may not welcome more technology, which according to Jonathan Henschen, president of the recruiting firm Henschen & Associates, is essentially a way to micromanage them, WealthManagement.com writes.

“From the recruiter perspective, they might feel it’s somewhat suffocating and that they’re being henpecked,” he tells the web publication.

Several LPL recruiters have jumped ship to rivals in recent months, including Michael Murray, who joined Cetera earlier this month, according to WealthManagement.com. David Symecko, who’d been with LPL since 2002, left the firm the same month for Fidelity Clearing and Custody Solutions.

In August, LPL lost two recruiters to Ameriprise. In May, InvestmentNews reported that 11 recruiters had left LPL over the prior 18 months.

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