FSC Names Jerry Murphy New President and CEO

Murphy says his priority is to spend time with advisors in order best assess what the firm is doing right and what it can do better. “Ultimately, I went to help the advisors grow their business, so FSC can grow, too,” he explained.

“I want to show outside advisors at broker-dealers in turmoil and, in general, at all broker-dealers, that FSC is a great option, and you should consider us,” said Murphy.

He says the firm grows through both the FSC’s recruiting efforts and organic expansion, as its OSJs add reps through their own recruiting efforts. “We are targeting advisors across the waterfront, including those at the wirehouses and our direct competitors,” the CEO explained.

Murphy’s most immediate task, he says, is to speak at FSC’s educational conference being held next month in Phoenix.  “This is our largest event of the year,” he said, “so, I have to hit the ground running.”

The independent broker-dealer previously was led by Mark Schlafly, formerly with LPL Financial, from June 2008 to March 2011. The executive resigned from his post at FSC earlier this year for “family reasons,” according to the company.

Schlafly took the reins at FSC after its chief at the time, Josephy “Joby” Gruber, was forced to resign. FINRA charged Gruber with allowing a subordinate to take his 2007 continuing-education proficiency tests. He has since been tapped to serve as head of sales and marketing for American Portfolios, a Long Island-based independent broker-dealer.