LPL Financial (LPLA) said Friday that Robert Moore, president of its Advisor and Institution Solutions division, would be filling the shoes of Bill Dwyer, president of National Sales, who will be leaving at the end of March to pursue other interests. By taking on this role, Moore will be “aligning the support of advisors across a single enterprise,” the company says.
Dwyer, based in Boston, has been with LPL since 1992.
“He looked at the company and the great team he’s built … and said, ‘Others are ready to keep doing what I’m doing,’ ” said LPL CEO Mark Casady, in an interview with AdvisorOne. “He wants to do something different and will start with charitable work.”
Dwyer is set to become chairman of the Invest in Others Charitable Foundation later this year. Invest in Others was set up by LPL in 2006 to boost philanthropic and volunteer activities of financial advisors across the industry.
“Dwyer had a huge positive impact on LPL,” said Chip Roame, managing partner of the industry consulting group Tiburon Strategic Advisors, in an interview. “Todd Robinson, David Butterfield, Jim Putnam, Bill Dwyer and Mark Casady have all played huge roles, along with Esther Stearns, who is still there running new NestWise. It’s a great firm with great people and a deep management team. They will do well.”
Roame predicts that Casady could be next to retire, an idea that Casady contradicts. “I’m happily ensconced as CEO, vital and 52 and love what I do. I believe in our mission … and that’s what gets me up every day,” he said.
Industry recruiters, like Rick Peterson of Houston, say that Dwyer will certainly be missed. “He’s a terrific guy and fully capable and qualified of doing anything he likes,” Peterson said in an interview.
While Dwyer looks at charitable work and even starting a business or going back to school, Moore will have his hands full.
Moore joined LPL in 2008 from ABN AMRO North America and LaSalle Bank Corp., where he served as CEO.
In addition to Dwyer’s departure, LPL will soon say goodbye to Managing Director and Chief Risk Officer John McDermott, who’s decided to retire after almost 40 years in the broker-dealer business, including four years with LPL. While the company picks his replacement, McDermott will continue in his role.
Along with some other members of the LPL leadership team, Dwyer recently picked up a sizeable amount of options. On Feb. 22, he acquired 166,733 options, which entitle him to buy this amount of LPL shares at $31.60 in 25% increments on Feb. 22 in 2014, 2015, 2016 and 2017.
The independent broker-dealer's shares traded down about 3.4% at about $30.50 on Friday. (The firm went public in November 2010.)