Commonwealth Financial says that an executive who left the independent broker-dealer for rival LPL Financial has returned after only a month.
“After his brief hiatus, I am pleased to welcome Paul back to Commonwealth, where he will pick up right where he left off,” said CEO Wayne Bloom, in a press release. “We recognize the significant impact he has made in building one of our industry’s leading retirement-consulting services offerings, and it’s gratifying to see, in turn, the impression the Commonwealth community has made on him.
The members of the Retirement Consulting Services team support advisors who want to build and maintain successful retirement practices, the privately held IBD says, both for individual clients and for workplace retirement-plan benefits programs.
Commonwealth first tapped Mahan as an executive for this work in November 2010. Earlier, he worked for Pioneer Funds (May 2004 to July 2010 and Scudder Investment Services/Scudder Financial Services (September 1992 to June 1999), according to FINRA records.
“I had always been a passionate advocate of the quality of Commonwealth’s infrastructure, the extraordinary program and service offering our team has built, the talent and expertise of our staff, and, not least, the advisors who are the foundation of this very special community,” said Mahan, in a statement.
According to Commonwealth, Mahan has 20 years in the financial services business, including a management role at Pioneer Investments, where he was responsible for the firm’s defined contribution and subadvised business development. He also worked for Fidelity Investments.
“In my three and a half years with Commonwealth, I had developed incredibly close ties, and I always maintained a great level of pride and excitement in my work — which I value deeply,” he said. “I’ve realized the Commonwealth community is where I thrive, and serve, best.”
Commonwealth has close to 1,500 affiliated advisors, who had about $464,000 in yearly fees and commissions, according to the Investment Advisor 2014 Broker-Dealer Reference Guide. In contrast, LPL Financial has some 13,700 reps, and their average production is about $234,000.
(Earlier this month, LPL said Chief Marketing Officer Joan Khoury planned to leaving the firm; as a result, two executives are stepping into new roles within its Advisor & Institution Solutions Group. These changes come about six weeks after LPL Financial named a new head of its Independent Advisor Services unit, Bill Morrissey; he replaced Derek Bruton, who retired from the independent broker-dealer in early April, after it expressed “concerns over his interactions with other employees.”)
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