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.”
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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.