Updated Tuesday, September 1, 2015 as of 3:59 AM ET

LPL Drops Chief Marketing Officer in 'Strategic Shift'

Joan Khoury is out as LPL Financial's chief marketing officer as a result of an executive restructuring at the nation's largest independent broker-dealer.

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Comments (2)
Didn't that headline say "dumped" the Chief Marketing Officer yesterday? Bet someone got slapped for that.
Posted by mike m | Friday, June 06 2014 at 10:51AM ET
The culture of mega broker as employees firms like Merrill and Morgan Stanley by necessity have to be materially different from that of an independent contractor B/D where everyone is a free agent. Neither Joan Khoury nor Mimi Boch can move the needle in an independent format as you can take the horse to water but you can't make them drink. Control and direction is achieved through elevating the lowest common dominator in packaged products and services which by definition can never attain professional expert standing of personalized advice as it is defeated by packaging.

Thus the built in conflict of Khoury's and Boch's jobs. Excellence on advisory services is not possible by virtue of the limitations of the IB/D format where individual excellence is a function of each individual advisor and their motivations. The "fit" question continues to plague the industry crippling the evolution of advisory services. This must be resolved by IB/Ds otherwise, like in wirehouses, top talent will never be served nor will high skill executives who can execute at a high level will find fulfillment in their work. It just becomes a job without the professional drive and latitude to execute.

Sorry to learn Khoury is leaving because of strategic fit. The industry is increasingly losing the high caliber talent that really cares about professional standing and it is not being replaced. We are worse for it.

Posted by Stephen W | Saturday, June 07 2014 at 10:38AM ET
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