Last July, LPL Financial acquired National Retirement Partners (NRP) as part of an enhanced effort to serve advisors who focus on group retirement plans, creating a new division within the company named LPL Financial Retirement Partners and headed by Bill Chetney, former CEO of NRP. On Monday, LPL rounded out the management team for its retirement plan operations with the hiring of David Reich, formerly VP and general manager, retirement strategies and solutions at Ameriprise Financial.
Derek Bruton, managing director and national sales manager, Independent Advisor Services, for LPL, said in an interview with AdvisorOne that Chetney will lead the strategy for the retirement plan division, while Reich will be responsible for execution of that strategy. Reich’s “wide-ranging experience” in both strategic planning and implementation of retirement strategies, is part of LPL’s “next phase to focus on the tools and services” that retirement plan advisors need to “win more business” in the 401(k) and overall DC space. Both Chetney and Reich, who will be located in LPL’s San Diego office, will report directly to Bruton.
Bruton said that Reich will “play an important role in helping advisors adapt to changes in the regulatory environment” concerning retirement plans now brewing at the Department of Labor under ERISA, and that LPL’s Retirement Partners’ management team and “scale” will help its affiliated advisors “adapt more readily” to those changes.
The acquisition of NRP “added several hundred” advisors onto LPL’s platform who specialize in retirement plans which when combined with existing LPL advisors focusing on retirement plans, makes LPL “the leader in the independent B/D space” in retirement plan sales and service, noting that LPL has a “team of 18 people to help advisors close more business and win in this industry.”. Bruton said part of the focus will be to not only “bring in more plans” but also to “build bridges into the rollover space.”
Reich’s new position was previously held by Bob Francis, who left LPL in January 2011.