LPL Financial, the largest independent broker-dealer and subsidiary of LPL Investment Holdings (LPLA), has named Sallie Larsen managing director and chief human capital officer.
Larsen (left), who joined LPL earlier this month, will be based in the firm’s San Diego office, will report to chairman and CEO Mark Casady and will become a member of LPL Financial’s executive management committee. In an announcement, the company said that she will be responsible for “overall human capital and talent acquisition strategies” as well as issues relating to real estate, facilities and corporate communications.
Prior to joining LPL, Larsen was for three years chief human resources officer for the Federal Home Loan Bank Office of Finance; she previously worked in senior HR roles for Capital One Financial and Marriott International.
In an interview Thursday, Larsen said that while her position was not new at the firm, it did entail added responsibilities, “not just human resources, but also corporate real estate and facilities, corporate communications and community outreach.” Rather than reinventing the HR wheel, she said her role was to “be a good steward” of LPL’s existing corporate culture. "LPL has had a great history of successfully developing leaders,” she said, and has identified what she called “success factors” among those leaders that the company could use to find “the right people in the right place at the right time” to maintain and improve its “corporate ecosystem.” She said those “success factors,” which identify and reward “innovation and forward thinking,” are how all of LPL’s human resources efforts are tied together.
While that approach strengthens LPL’s employee force, it also has benefits for the nearly 13,000 independent contractor representatives and the institutions that work with and through those employees, Larsen argued. “Our ecosystem is focused on the talented employees” who through their “high engagement” levels provides superior service to LPL reps and institutions. “The role of human capital is to find the best talent” internally to help advisors themselves find, recruit and motivate the best talent for their own practices. “We recruit the employees to help advisors find” similarly talented people for their own firms, she said. “We recruit the recruiters and provide consulting services that support the advisors” in their own HR efforts.
In the announcement of her appointment and in the interview, Larsen also focused on LPL’s commitment to its employees who are “engaged in their communities,” pointing out that the company has encouraged employees to spend time volunteering in their communities while still being paid by LPL.
One foundation of LPL’s culture, she said, “is the belief is that employees want to be engaged in their communities,” and she noted that advisors are similarly engaged. For employees, that can mean participating in the LPL Financial Charitable Foundation, a 501(c)(3) charity which, the company noted in its announcement, “engages employees to improve the lives of our neighbors and invests in our local communities to promote economic empowerment through education, career skills development and financial literacy programs." LPL Financial has also long supported Invest in Others, a separate charitable organization that encourages advisors to give back to their local communities.