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Financial Planning > Behavioral Finance

LPL Names Former E-Trade Exec CFO

By Janet Levaux

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LPL Financial (LPLA) said late Monday that it tapped former E-Trade Chief Financial Officer Matthew Audette as its new CFO.

Audette will report directly to LPL Chairman and CEO Mark Casady and will be based in San Diego. He fills the role previously held by current LPL President Dan Arnold and will join the firm on Sept. 28.

“Matt is an expert in capital allocation and is a leader in creating organizational efficiency, which will be invaluable as LPL enhances its client experience and continues its growth trajectory,” said Casady, in a statement.

Casady also said that acting CFO Tom Lux “will work alongside Matt to ensure a smooth transition. We thank Tom for stepping into the role of acting CFO and wish him well in his upcoming retirement.”

Audette has about 18 years of industry experience and cut his teeth at KPMG in Washington, D.C. He joined E-Trade in 2000.

“It is an ideal fit for me as I strongly believe in LPL’s independent model as well as its values and mission of providing objective financial advice,” Audette said in a press release. “In addition, the firm’s entrepreneurial outlook and strong track record of growing market share and attracting new business provides an ideal opportunity for me to play a key role within a great organization.”

In early March, Arnold moved out of the CFO role when then-President Robert Moore announced plans to become CEO of Legal & General Investment Management America.

In early May, LPL said it hired David Wright to be chief technology officer, a new role for the independent broker-dealer. Wright was interim CIO at McGraw-Hill for seven months and was previously with Capital One for nearly 15 years. He also has worked for the Federal Reserve Bank of Richmond, Virginia, and AT&T.

LPL reported a roughly 5% drop in net income for the first quarter to $50.7 million, and a 2% increase in net revenues to $1.1 billion. On an adjusted basis, net income fell 11% to $63.2 million.

The IBD services a total of $485 billion in retail assets managed by more than 14,000 independent financial advisors and more than 700 banks and credit unions. It also custodies $105 billion in RIA assets. 

In Q1, LPL paid $11 million in regulatory charges, including fines and legal and regulatory consulting fees. In May, the Financial Industry Regulatory Authority required LPL to pay nearly $12 million in fines and restitution associated with failing to supervise sales of non-traditional ETFs, non-traded REITs and other complex investments.

— Check out LPL Shares Info on Reps Recruited in Q1 on ThinkAdvisor.

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