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LPL Names Former E-Trade Exec CFO

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LPL Financial has hired 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.

The IBD recently shared details on 67 financial advisors it recruited in the first quarter, which represent some but not all of its Q1 recruited reps. Almost two-thirds of this group of indie advisors, or 64%, have client assets of $100 million or less and come from a broad mix of broker-dealers. Fifteen of the new affiliates, though, moved to LPL from the four wirehouse firms.

The independent broker-dealer, which also serves as an RIA custodian, stated that it attracted 10 teams of two FAs and four individual advisors with $100 million in client assets and up; 16 FAs and one team of two reps with between $50 million and $100 million in assets; and 25 reps with between $30 million and $49 million in assets.

“LPL continues to recruit high-quality advisors of various production levels across all channels,” said Bill Morrissey, managing director and divisional president of Independent Advisor Services, in a statement. “We believe that our technology solutions, service and resources set us apart within the independent broker-dealer marketplace by providing advisors more opportunities to meet the diverse needs of their clients.”