LPL Financial said recently that Robert Moore, president of its Advisor and Institution Solutions division, would be filling the shoes of Bill Dwyer, president of national sales, who planned to leave 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. “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 (right) joined LPL in 2008 from ABN AMRO North America and LaSalle Bank Corp., where he served as CEO.
In addition, LPL will 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.
Morgan Stanley has confirmed that it hired the Merrill technology leader Chris Randazzo as head of technology for its wealth unit. Randazzo is filling in for Moira Kilcoyne. The company says that Kilcoyne is taking on “broader responsibility as COO of Morgan Stanley Wealth Management” and hence needs the IT support.
“As you know, we are making a $500 million investment in technology, above and beyond basic running costs, all aimed at enhancing the stability and functionality of our new 3D Platform,” said Greg Fleming, president of the wealth unit in a company memo. “We want our technology to be a competitive advantage … Our scale enables us to make this kind of investment, as well as continue to attract the industry’s most talented technology professionals to carry out our strategy.”
According to Fleming, Randazzo has close to 20 years of technology experience, most recently with Bank of America-Merrill Lynch. Morgan Stanley is led by James Gorman, who came to the firm in early 2006, after being at Merrill from 2001 to 2005.
“As a technology leader, Chris has experience across all of the business segments that are strategically important to us: advisory, capital markets and banking/lending … ,” Fleming wrote. “He will join our Executive Committee and partner with all of our senior business leaders to guide our technology platform to the next level.”
Randazzo does not have a precise start date, though Morgan Stanley says he will come on board “in the near future.”