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LPL Names New Head of Client Services

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LPL Financial (LPLA) said early Monday that it named Tom Gooley as managing director of service, trading and operations. Gooley, who most recently was an executive at TIAA-CREF, will begin work at the independent broker-dealer on Thursday and report directly to Chairman & CEO Mark Casady.

LPL’s new managing director also will serve as a member of the firm’s Management Committee. He is replacing Mark Helliker, managing director of client support services, who will end his role at the IBD on Aug. 1; Helliker joined the firm in mid-2008 from Charles Schwab (SCHW).

“In searching for a leader for this critical group of functions, we sought an experienced change agent with the ability to transform our service model and take it to the next level,” said Casady, in a statement. “Tom is well respected in the industry and has built a reputation for moving the needle within large-scale organizations to achieve high levels of advisor and employee satisfaction.

“He has a proven track record of developing strategic solutions and implementing effective policy and process improvements,” Casady explained. “We are excited that Tom will now draw on those same talents to further enhance the service and support we provide to our clients.”

This is the latest in a string of executive changes at the IBD. Earlier this month, LPL tapped former E-Trade Chief Financial Officer Matthew Audette as its new CFO. He is set to fill the role previously held by current LPL President Dan Arnold and will join the firm on Sept. 28. (Acting CFO Tom Lux is in charge of the IBD’s finances until Audette comes on board.)

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. 

A 20-year industry veteran, Gooley was the senior managing director and chief risk officer of the Retirement and Individual Financial Services division at TIAA-CREF in New York. Prior to this, he worked as managing director and head of operations for the Global Wealth and Asset Management divisions of Morgan Stanley (MS). Earlier in his career, he led Equities and Futures Operations for Bank of America Securities (BAC), after spending 12 years with Goldman Sachs in several leadership roles in Equities Operations.

In his new role, Gooley will be in charge of LPL’s service, trading and operations units, “while mitigating risk, increasing efficiency and continuously improving the client experience,” according to the company. In addition, he will be responsible for management of the firm’s business-process outsourcing activities in India.

He will work from the LPL Charlotte office for one year and then move to the IBD’s base in San Diego.

“I am excited to join LPL and lead the team that is dedicated to delivering extraordinary service and support to LPL’s financial advisors, banks and credit unions,” said Gooley, in a press release. “Having previously managed many large-scale service, trading and operations functions in my career, I look forward to applying my experiences to a new and distinctive set of opportunities at LPL.”

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 ordered LPL to pay nearly $12 million in fines and restitution associated with failing to supervise sales of nontraditional ETFs, nontraded REITs and other complex investments.

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


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