LPL declined to comment on the matter.
Dwyer has been one of the architects of LPL Financial’s rise to dominance in the independent broker-dealer space. In every one of the past 20 years that he has been with the firm, LPL has been the top firm on Financial Planning’s annual list of the country’s largest independent broker-dealers.
In his role as head of national sales, Dwyer’s responsibilities include the recruitment and satisfaction of advisors.
Dwyer was widely seen as a possible successor to LPL's Chief Executive Officer Mark Casady, should Casady decide to step down.
Some observers say Dwyer’s departure clears the way for the company's president, Robert Moore, to be next in line for Casady’s job. Chip Roame, managing partner of Tiburon Strategic Advisors, also cited Esther Stearns, CEO of LPL’s new mass market offering NestWise, as a possible contender.