December 19, 2013

LPL Names Chetney President of Retirement Partners

The unit has picked up some 400 advisors recently, along with powerful partners like Vanguard and New York Life

LPL celebrating its 2010 IPO. LPL celebrating its 2010 IPO.

LPL Financial (LPLA) said Bill Chetney would become president of LPL Retirement Partners on Jan. 1. Chetney is currently executive vice president of the unit.

“Retirement Partners is essential to our corporate mission of expanding access to financial advice,” said LPL Chairman & CEO Mark Casady, in a press release. “We are excited to have a leader as accomplished as Bill to continue to grow the LPL Retirement Partners and expand the broad set of capabilities, services and support that LPL Financial offers to its advisors that enable them to meet their individual business objectives.”

Chetney previously served as head of National Retirement Partners, which offered retirement-related services to employers nationwide and financial services to high-net-worth individuals. LPL acquired certain assets of NRP in 2010.

Some 5,000 of the 13,500 financial advisors affiliated with LPL Financial are working with Retirement Partners.

The company says that under Chetney’s leadership, the unit has:

  • Recruited more than 400 advisors;
  • Grown the retirement plan asset base to over $94 billion as of Sept. 30;
  • Begun servicing more than 32,000 retirement plans with about 3 million participants;
  • Launched Worksite Financial Solutions, an advisor-based advice and education program for employers and their employees used by Vanguard, New York Life and other partners;
  • Developed a Retirement Partners Tool Suite, an operating platform with automated tools and resources for advisors.

“I am enthusiastic about leading LPL Retirement Partners into the future,” said Chetney, in a statement. “With so many American workers unsure about how to achieve a secure retirement, we have a tremendous opportunity to support advisors who seek to offer a comprehensive approach to retirement saving, investing and spending. I am confident that LPL Retirement Partners is well-positioned to take advantage of this critical challenge.”

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