For years, Ted Charles was the face — and outward personality — of Investors Capital Holdings. No longer.
In August, longtime heir apparent Tim Murphy, 44, was elected by Investors Capital’s board to succeed Charles as president and CEO of a company that both men have put their stamp on.
While Charles, who will remain as board chairman, has been more visible, Murphy has run the firm’s independent broker-dealer, Investors Capital Corp., for years and has been hugely instrumental in rebranding it as the Ritz-Carlton of broker-dealers.
As Charles puts it: “Tim’s like the Nike guy. He just does it.”
JOB TITLE: President and CEO, Investors Capital Holdings and Investors Capital Corp., Lynnfield, Mass.
BOOK TITLE (of what he’s reading now): Blue Ocean Strategy, by W. Chan Kim and Renee Mauborgne, Dan Sullivan’s Unique Ability and Mentoring 101 by John Maxwell.
Murphy’s move to the top spot — in the midst of a domestic economic crisis, the global markets meltdown and the presidential election — could not have come at a more challenging time.
“Let’s be candid. This is a very difficult time to assume the reins,” says Murphy, who joined Investors Capital Corp. as president in the mid-1990s shortly after Charles founded the company. “But I believe as we emerge from this, the independent broker-dealer channel will come out of it in a better position than we’ve ever been in.”
Murphy says the independent channel has long struggled for credibility — or “our place at the grown-up table,” as he frames it. “None of us, from the largest firm, LPL, down to our level, had any hand in the mess we are in right now. The only product we distribute is advice,” he adds. “We as a firm have taken steps to thrive, not just survive.”
Going forward, he notes: “I believe we’re carving out the identity of the independent firms, in the capitals of the world, as the first choice for consumer advice — the preferred choice.”