Ric Edelman is stepping down as CEO.

Edelman Financial Services announced Tuesday that Ryan Parker will replace Ric Edelman as CEO.

Parker, a former LPL exec, will join Edelman, the firm’s founder and executive chairman, in establishing the firm’s strategic direction as it continues to expand its client base across the country. Parker will also lead the daily operations of the firm.

In October it was announced that Edelman Financial Services had been acquired by affiliates of private equity firm Hellman & Friedman LLC, and that Hellman would begin to search for a new CEO to replace Edelman. Edelman remains the largest individual shareholder.

 “We are thrilled to welcome Ryan,” said Ric Edelman in a statement. “He is a proven financial executive and will be instrumental in helping us preserve our client focus as we continue to grow.”

By turning over executive duties to Parker, Edelman will be able to focus on financial education and advice.

“My wife Jean and I created the firm 30 years ago,” Edelman said in a statement, “but as the firm has grown, more of my time has been diverted to management activities. Ryan’s addition will enable me to focus on what matters most: our clients. We want to reach as many people as we can, to help them build and maintain a secure financial future for themselves and their families.”

Parker, a veteran executive with 18 years’ experience in the financial services industry, was most recently managing director of investment and planning solutions at LPL Financial.

In that role, he led the sales, marketing, product management and sponsor relations functions in support of more than 14,000 independent advisors and 700 financial institutions.

Before LPL, Parker worked at Russell Investments, Franklin Templeton Investments and Putnam Investments. He holds a bachelor of arts in political science from the University of Michigan at Ann Arbor.

“Ric, Jean and the entire Edelman Financial team have built a firm with an important mission. I am very passionate about helping people achieve their financial goals and excited to guide the organization’s continued growth and success across the country,” said Parker. He starts at the firm on June 20.

Edelman Financial has 125 financial planners, of which it added an additional 15 to the firm so far this year and seeks to add 35 more.

The firm provides financial planning and investment management services to more than 30,000 individuals and families and manages $16 billion in assets. The firm also provides 401(k) plans and institutional investment management for businesses.

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