Dan Arnold became CEO of LPL Financial in January, taking the reins from Mark Casady, who had led the independent broker-dealer for nearly 15 years.
How big a shift was the move?
“I worked really hard as president of LPL and didn’t think I could work any harder. But then I got the CEO job and realized I was wrong!” Arnold explained in an interview.
“That said, I wake up every day energized by our work and humbled by the opportunity to lead our great team into the next chapter at LPL,” he added.
Arnold was tapped as the IBD’s president two years ago. He joined LPL in 2007, as part of the firm’s purchase of Uvest, a broker-dealer working with banks and credit unions, and went on to serve as LPL’s CFO starting in 2012.
“Dan is an entrepreneurial leader who understands how to grow a business. He took a start-up and grew it into a market leader at Uvest,” said Casady, who recently stepped down from both the CEO and chairman slots. “He is all about the team and not his own interests.”
Assuming the top post at the IBD is a challenge to say the least. LPL works with over 14,000 financial advisors, 700-plus financial institutions, 4,000 insurance advisors and some $528 billion in advisory and brokerage assets. LPL’s affiliate advisors service roughly 46,000 retirement plans with about $127 billion in assets, and the firm has over 3,200 employees in Boston, San Diego, Charlotte, North Carolina, and other locations.
How does Arnold see his new role and how does it plan to tackle it? “I have a strong passion for our strategy of driving growth by focusing on our core business, enhancing our capabilities and executing with excellence,” he said.
For the CEO, three priorities are front, right and center. They are to “focus on delivering results; make sure we have an on-purpose organization aligned on priorities; and listen to a variety of different constituencies for input on moving the business forward.”
The LPL leader does not shy away from tough issues. At last year’s advisor conference in August, Arnold laid out how the firm was addressing changes in regulation, technology and client expectations.