MutualFundWire.com: LPL Chief Mark Casady Set to Retire

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Monday, December 5, 2016

LPL Chief Mark Casady Set to Retire

LPL CEO Mark Casady is stepping down effective January 3, 2017.

Mark Casady
LPL Financial
CEO

The giant independent broker-dealer announced its chief's retirement today. Dan Arnold, current president of LPL, will serve as president and CEO and join the company's board upon Casady's exit. Casady will continue to serve as non-executive chair of the Board of Directors through March 3, 2017.

Arnold has served as president since March 2015, where his responsibilities have included the development of the firm's long-term growth strategy, including "business development, existing advisor and institution growth, the client experience, research capabilities and sponsor partnerships." He has been with the firm since 2007, serving previously as chief financial officer and head of strategy and divisional president of the institution services business. He joined LPL when the company acquired the broker-dealer UVEST, where Arnold was president and chief operating officer.

The announcement comes at a time when LPL is in the process of making significant changes to its mutual fund offerings. These include the development of a no-transaction-fee program for select mutual funds with SAM [Strategic Asset Management] and a tool to simplify the process of shifting an account from brokerage to advisory.

"As we look to the future, we remain focused on improving the advisor experience through technology, enhancing capabilities to support advisor growth, and driving operational efficiency," says Arnold in a statement issued earlier this morning.

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