LPL Financial Chairman Jim Putnam

Longtime LPL Financial director Jim Putnam is now its chairman.

Putnam, who takes over from the role from Mark Casady, has served as the independent broker-dealer’s vice chairman and lead director since 2005.

He assumed the new post after Casady retired from his interim post as nonexecutive chairman on Friday; Casady relinquished the role of CEO to Dan Arnold on Jan. 3.

The IBD had announced these changes in December and reminded its 14,000-plus affiliated advisors of the developments through an announcement this week.

Late last year, Putnam said the firm’s “scale and financial performance have equipped [it] to continue investing in the business and to respond decisively to opportunities as they arise. Against this backdrop, we have great confidence in our ability to thrive as an independent public company.”

Putnam has been CEO of Global Portfolio Advisors since 2004. GPA sold its clearing operations in 2014.

Prior to his tenure with GPA, he worked for LPL for more than 20 years. Among his various roles, Putnam served as head of sales and was responsible for branch development, attraction, retention and management of the firm’s registered reps.

He cut his teeth in the business as a retail representative with Dean Witter Reynolds in 1979.

According to Arnold, Putnam “helped build the company into the nation’s largest independent broker-dealer… Jim’s service to the company spans five different CEOs and five different ownership structures, which gives him an amazing historical perspective.”

In addition, the CEO says the chair’s “deep knowledge and expertise is a huge asset.”

“As you’ve heard me say before, we remain relentlessly focused on helping you succeed, by improving your overall experience, helping you manage regulatory changes, and enhancing the strategic capabilities you receive from us,” Arnold told LPL’s affiliated reps in a memo. “I look forward to working with Jim and the board on our 2017 priorities of growing our core business and executing with excellence.”

Meanwhile, Casady appears to be enjoying retirement. He has been busy on Twitter, sharing photos of his first trip to Washington, D.C. 

— Check out LPL Moving 133 Jobs From San Diego to South Carolina on ThinkAdvisor.