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September 23, 2014 at 10:19 AM
RCS Capital (RCAP), which has been adding broker-dealers at a frenetic pace, said early Tuesday that it had made a series of shifts to its executive team to further ensure its business development.
The New York-based firm’s new leaders include former LPL Financial (LPLA) executive Bill Dwyer, who is now CEO of the Realty Capital Securities unit. Sansay Yodh, previously head of institutional sales at ProShares, has been tapped as executive vice president of RCAP’s liquid alternative investments.
RCAP President Michael Weil has become CEO of the company, succeeding William M. Kahane, who remains a director. John Grady, who has held different leadership positions at RCAP and AR Capital, will now serve as chief strategy and risk officer of RCAP. Nicholas Schorsch continues as executive chairman.
“We had the opportunity to bring [Bill Dwyer] in as CEO for the wholesale distribution platform and felt he was the perfect person to continue the growth track we’ve been on since 2006,” said Weil, in an interview with ThinkAdvisor.
Yodh, he adds, “also gives us a deep bench” as RCAP looks to further grow its fund and alternative investment sales.
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The alts platform, which includes both liquid and illiquid alternative investments, has “tremendous opportunities” for expansion, Weil says. “Bill will take us through expanded distribution” in the independent, bank, RIA and other channels, including the wirehouse channel.
Dwyer, who is based in Boston, was previously president of LPL Financial Independent Advisor Services. He left that post in March 2013, after some 20 years with the independent broker-dealer, to focus on his work with Invest in Others Charitable Foundation, set up by LPL in 2006 to boost philanthropic and volunteer activities of financial advisors nationwide.
“What’s exciting for me, after my work with a specific broker-dealer at LPL, is that I now get to work with a provider of product solutions for something like 100,000 financial advisors across the industry,” Dwyer said in an interview.
“We want to continue to develop the relationship we have with LPL and others on the broker-dealer and custodial side within financial institutions,” he explained. “Having been on that side of table, I can now … help [RCS Capital] work more with financial advisors through its alternatives distribution platform.”
