LPL Promotes Insider to Lead Strategy and Innovation -- Barrons.com

By Andrew Welsch

LPL Financial promoted Marc Cohen to lead business strategy and innovation, the latest leadership change at the wealth management company.

Cohen, now managing director of business strategy and innovation, will join LPL Financial's management committee, the company announced Monday. It says Cohen will continue to oversee development of the firm's corporate strategy and expand his responsibilities to include leading business line and affiliation strategy for independent advisors, large enterprises and institutional channels.

"Marc is an entrepreneur by nature whose innovative thinking has helped reimagine the strategic evolution of our firm, including how advisors and institutions scale their businesses with LPL as their partner," LPL Financial CEO Rich Steinmeier said in a statement.

Cohen joined LPL from MarketCounsel in 2018 to help lead the company's development of new advisor affiliation options, according to LPL, which is one of the nation's largest wealth managers.

LPL has more than 28,000 financial advisors and approximately $1.7 trillion in brokerage and advisory assets. The company has grown through acquisitions as well as recruiting. Many of LPL's advisors are independent contractors, meaning they operate their own practices. In recent years, it added new ways for advisors to affiliate with LPL, including a unit catering to so-called breakaway brokers and employee advisors.

In October, LPL terminated its longserving CEO, Dan Arnold, for making statements to employees that allegedly violated the company's code of conduct. The company didn't provide detail as to what those statements were. LPL tapped Steinmeier to replace Arnold later that month. Steinmeier previously served as chief growth officer.

Write to Andrew Welsch at andrew.welsch@barrons.com

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December 16, 2024 16:05 ET (21:05 GMT)

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