Outgoing LPL President Robert Moore.

LPL Financial (LPLA) says CFO Dan Arnold will replace outgoing President Robert Moore, who will leave to become CEO of Legal & General Investment Management America, on March 13.

“We thank Robert for his contributions to LPL and congratulate him on his new role,” said Chairman and CEO Mark Casady, in a statement. “Leading Legal & General Investment Management America is an exceptional opportunity for Robert, and we know he will remain a passionate advocate and friend of LPL. We wish him all the best.”

Legal & General Investment Management America (LGIMA) is a Chicago-based unit of Legal & General Investment Management (Holdings) Ltd., of London. The SEC-registered advisory firm has 74 employees and manages close to $110 billion using fixed income and commodity strategies.

“I believe deeply in LPL’s mission and remain an advocate and friend of the organization. I know that I am leaving a great team in place to move this mission forward. Joining LGMIA is an exceptional opportunity to lead another talented team and to shape the future of a thriving global asset management firm,” said Moore in a statement.

For Moore’s replacement, the challenges of running such a large and diverse enterprise will be formidable. Last week, for instance, the indie broker-dealer said it was going to spend $9 million to restructure its high-net-worth operations, which do business under the Fortigent brand.

In its full-year 2014 earnings announcement, the broker-dealer said its profits fell 2% to $178 million; on an adjusted basis, they dropped 4% to $259 million. Expenses grew 6% to $4.1 billion last year.

LPL Financial has about $475 billion in retail assets under advisement. It supports 14,000 independent financial advisors and more than 700 banks and credit unions.

For RIAs, it custodies $91 billion, and the firm serves as an independent consultant to some 40,000 retirement plans with roughly $115 billion in assets. In addition, it supports about 4,400 advisors licensed by insurance companies.

Its operations include nearly 3,400 employees in Boston; Charlotte, North Carolina; and San Diego.

Promotions

Prior to becoming CFO of LPL, Arnold was head of strategy for the firm. He previously served as divisional president of LPL’s Institution Services unit, after he spend 12 years leading UVEST, a broker dealer acquired by LPL in 2007.

“I look forward to the opportunity to work more closely with the advisors and institutions we serve as we further our mission of providing independent advice,” said Arnold, in a press release. “We have an outstanding group of over 14,000 advisors and continuing to provide them with the high level of service they are accustomed to remains our top priority.”

Tom Lux has been named acting CFO while LPL “conducts a search” for a permanent chief financial officer, according to the firm. Lux joined LPL in 2009 and has 30 years of accounting experience, including leadership roles with National Financial Services, Wachovia Securities, Everen Securities and Deloitte and Touche.

In addition, LPL says it has promoted Andy Kalbaugh and Bill Morrissey to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively.

The company has seen a steady stream of departures from its executive ranks in recent year. Derek Bruton, managing director of Independent Advisor Services, left the firm last year, for example, while former national sales head Bill Dwyer exited in 2013.  

“We are excited for Robert and congratulate him on his new role. We are always supportive of employees at any level of the company doing what is best for their careers and families. We thank Robert for his contributions to LPL and wish him all the best,” Casady explained. “At the same time, we are excited for the future of our business under Dan’s leadership as president.”