Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Financial Planning > Behavioral Finance

LPL Exec Bruton Resigns Over ‘Interactions With Other Employees’

Your article was successfully shared with the contacts you provided.

LPL Financial (LPLA) says Derek Bruton, managing director and head of independent advisor services, retired Friday, after the company expressed “concerns over his interactions with other employees.”

In a statement, the independent broker-dealer added that his resignation “was not related to company performance.” It plans to fill the post “from a slate of internal leaders” and anticipates “announcing this new leader by the end of next week.”

Bruton’s exit from LPL’s San Diego operations comes just two days after it opened its new headquarters in the La Jolla district of the city. The news of his resignation was made public in an SEC document.

A year ago, Bruton became LPL Financial’s representative on the Financial Services Institute’s board of directors. LPL Financial tapped him as a managing director in 2010.

Before joining the IBD in 2007, he served as a senior manager at TD Ameritrade (AMTD), Merrill Lynch (BAC) and Charles Schwab (SCHW). He played a key role in the expansion of LPL’s platform for RIAs.

LPL Financial serves more than 13,600 independent financial advisors, 4,500 licensed insurance agents and some 700 financial institutions. It has a total of roughly 3,000 employees in San Diego, Boston and Charlotte.

During a call with equity analysts in February, Chairman and CEO Mark Casady explained that the independent broker-dealer is no longer pursuing any plans to form a bank holding company. It is, however, still considering the possibility of acquiring an industrial loan company.

Its stock, which fell 4% on Friday before the announcement of Bruton’s exit, is up about 12% so far this year, way ahead of the major equity market indexes.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.