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LPL Grabs Wells Fargo Advisors’ Tech Chief

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LPL Financial (LPLA) said early Tuesday that Anthony Perkins had left his job as Wells Fargo Advisors’ chief technology officer to become the independent broker-dealer’s head of technology product development. Perkins will report to Chief Information Officer Victor Fetter.

LPL had a string of hires in recent months. In June, LPL nabbed former E-Trade Chief Financial Officer Matthew Audette to be its new CFO, starting Sept. 28. Audette is set to fill the role previously held by current LPL President Dan Arnold; 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. And in May, the IBD added David Wright to serve as its chief technology officer. (Prior to joining LPL, Wright was interim CIO at McGraw-Hill for seven months.)

“Anthony has extensive information technology experience in the financial services industry and a deep understanding of the wealth management environment. We are excited that Anthony will now be drawing on those same talents for LPL in order to further enhance the technology solutions we provide to our clients,” said Fetter, in a statement.

“The creation of this role reflects our continued investment in technology. We are excited to have Anthony oversee the continued evolution of our ClientWorks platform, as well as the overall utilization of technology to enhance our service delivery model,” the CIO said.

According to LPL, Perkins will be responsible for the oversight of the analysis, design, development and delivery of technology product solutions. He will also support LPL’s investments in advanced data analytics, the development of additional mobile platforms.

Perkins spent two years as CTO of Wells Fargo Advisors (WFC), which includes about 15,000 advisors — most of whom are employees of the bank. Earlier, he was with Bank of New York Mellon, Morgan Stanley, HSBC, Atlantic Trust, State Street, PaineWebber and GE Capital, according to his LinkedIn profile.

LPL Financial, which works with more than 14,000 affiliated advisors, had total assets in advisory and brokerage accounts of $486 billion as of June 30.

Earlier this year, the Financial Industry Regulatory Authority levied a $11.7 million charge against the IBD for supervisory failures in the sale of complex products and ordered that $6.3 million be paid in restitution for failing to waive mutual fund upfront charges to certain retirement plans and charities.

— Check out 5 Trends Impacting LPL’s Results & IBD Space  on ThinkAdvisor.

 

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