LPL Boosts Executive Ranks with Breakaway Expert
LPL Financial has hired a seasoned executive with experience working with breakaway advisors leaving wirehouses, according to news reports.
Marc Cohen will serve as a senior vice president of strategic business development at LPL, tasked primarily with recruiting, InvestmentNews writes. Prior to joining the independent broker-dealer, Cohen spent more than 12 years at the business and compliance consulting firm MarketCounsel, most recently as its chief operating officer, according to the publication.
Cohen declined to comment about his new job at LPL to InvestmentNews. A spokesman for LPL says the company is “excited” to have someone with Cohen’s background and experience on its business development team but declined to comment further, according to InvestmentNews.
MarketCounsel, meanwhile, serves as a consulting firm for RIAs and breakaways, among other clients, the publication writes. And Cohen’s experience there suggests LPL may want to use him for luring breakaways, Jodie Papike, president of recruiting firm Cross-Search, tells InvestmentNews.
"Most independent broker-dealers have not branded themselves in the right way either to keep brokers who want to start an independent RIA or tuck in people under RIAs that use the firm custodian,” she tells the publication. “Most broker-dealers haven’t been vocal enough about that second option."
LPL has also been able to hold on to 51 advisors and $2.3 billion in the assets they manage from a firm that opted to leave the LPL network in April.