LPL is making big changes among its top executives.
In the wake of Thursday's news of the departure of 20-year veteran Bill Dwyer, LPL Financial announced Friday that Institution Solutions President Robert Moore, 51, will assume Dwyer’s role as head of national sales.
Moore's expanded role includes the oversight of LPL’s independent advisor, institutional and retirement business lines, as well as his existing responsibilities, LPL said in a statement. Moore will continue to lead several consultative teams and solutions that support LPL advisors as well as institutional customers. Moore joined LPL in 2008 from ABN AMRO North America and LaSalle Bank, where he served as CEO.
"I have known Robert my entire business career,” Mark Casady, LPL’s chairman and CEO, said in a statement. “He is a dynamic leader with a deep knowledge of our business and a successful track record as our CFO and as the head of our Advisor and Institution Solutions business unit. I am pleased to have Robert's expertise and experience overseeing our businesses and integrating the development of growth strategies that will deepen our product solutions and services to our customers."
The company also announced the retirement of John McDermott, 56, managing director and the company's chief risk officer.
Dwyer, 55, is leaving “in order to pursue other personal and professional interests,” according to the LPL statement, and will become chairman of the Invest in Others Charitable Foundation later this year. Invest in Others, a nonprofit established through the leadership of LPL Financial in 2006, supports the philanthropic and volunteer activities of financial advisors in their local communities.
In his role as head of national sales, Dwyer’s responsibilities had included the recruitment of advisors. Before his departure, some had seen Moore and him as being in a two-man race to succeed Casady, age 52. “My guess is Casady retires in a year and Moore becomes CEO,” speculated Chip Roame, managing partner of Tiburon Advisors, on Thursday. He also cited Esther Stearns, head of LPL’s new mass market venture NestWise, as a possible contender for the top spot.
Casady could not immediately be reached for comment.
Dwyer's compensation was $2.7 million in 2011, according to Morningstar; Moore's was $3.25 million.