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July 01, 2013 at 08:00 PM
LPL Financial said recently that Michelle Oroschakoff, formerly global risk officer at Morgan Stanley, has been appointed chief risk officer and managing director for the independent broker-dealer. Oroschakoff, who will be based in San Diego and report to LPL CEO Mark Casady, is now responsible for firm-wide risk management processes and controls, including regulatory compliance, data security and privacy and other critical risk management functions, as well as working closely with the firm’s regulators.
“We are delighted to welcome Michelle Oroschakoff to our firm,” said Casady in a statement.
Oroschakoff joins LPL, which has about 13,400 affiliated reps, from Morgan Stanley, which has some 16,300 employee FAs. At Morgan Stanley, she was most recently the global chief risk officer of the wealth management division and prior to that, chief compliance officer for Morgan Stanley Smith Barney. Before serving in these roles, she was the general counsel for Fisher Investments, an independent RIA. Earlier, she spent 11 years in a number of senior legal and compliance roles at Morgan Stanley, including as associate general counsel and head of the firm’s San Francisco litigation department.
Commonwealth Shifts
Also in June, Commonwealth Financial Network named Rich Hunter as the independent broker-dealer’s new president and chief operating officer; Hunter has been and will continue to serve as Commonwealth’s chief financial officer.
Peter Wheeler, who served as president of the privately owned firm since 1992, is now vice chairman. He will retain oversight of legal and compliance operations for the IBD, which has roughly 1,450 affiliated independent advisors, while focusing on long-term management issues and strategic planning.
“Peter has been a strong force in the growth and success of Commonwealth over the years, and I am extremely grateful that his new role will grant him the ability to continue to touch all areas of the business …,” said Wayne Bloom, CEO of Commonwealth, in a press release. “Peter has been, and will continue to be, an essential component to Commonwealth’s success.”
Founded in 1979 in Waltham, Mass., Commonwealth has about 1,450 advisors. It was the third-ranking IBD as measured by revenue in the Investment Advisor’s 2013 Broker-Dealer Reference Guide.
“I cannot think of anyone more deserving of this [new] role than Rich,” Bloom said. “His advisor-centric approach to indispensable service, combined with his deep understanding of the independent advisory marketplace, makes him uniquely qualified for this role [as president, COO and CFO].”
The news of the executive shifts comes on the heels of the IBD’s announcement that it now offers five affiliation models for advisors, including corporate RIA and RIA-only affiliations. Other affiliations are those of a traditional representative, a dual-registered rep and a hybrid-rep model.
