LPL Financial (LPLA) says it is launching a retirement consultancy in cooperation with Bill Chetney, the former head of LPL Retirement Partners, and Financial Telesis.
According to the independent broker-dealer, Chetney resigned from LPL over the past week. He plans to buy some assets from Financial Telesis and form a retirement plan advisory firm, Global Retirement Partners, which will partner with LPL’s hybrid RIA platform.
“Adding Global Retirement Partners as a new large LPL enterprise is another important step forward for LPL Financial in the retirement plan industry,” said LPL Financial President Robert Moore, in a statement. “And we are delighted to be able to continue to partner with Bill Chetney.”
The venture is structured “to ensure that numerous plan sponsors and their clients will benefit from his strategic thinking on retirement plan services, including in-plan advice,” Moore said, “while simultaneously enabling Bill to return to his entrepreneurial roots and build a new business.”
Chetney is set to be CEO of Global Retirement Partners, while Financial Telesis founder and CEO Jim Williams will be president.
David Reich, who has been with LPL for three years, has been named executive vice president and head of LPL Retirement Partners and strategy for the IBD’s Independent Advisor Services unit.