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LPL Taps IBM Exec for Recruiting, Sales Post

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LPL Financial says it has hired an executive from IBM to help it “enhance the sales experience.”

Based in San Diego, Scott Posner is now an executive vice president of business development and reports directly to Rich Steinmeier, managing director and divisional president of business development. Posner’s focus is on defining LPL’s strategies for recruiting and leading a team of sales professionals, according to the independent broker-dealer.

“Scott brings a wealth of sales and business leadership experience to LPL, along with a vision for applying emerging technologies that enable productivity and improve outcomes,” Steinmeier said, in a statement.  “His knowledge and experience will help us further differentiate LPL by leading through innovation and centering the sales and transition process around the client experience.”

At IBM, Posner spent one year as a vice president and partner. Earlier, he was a managing partner at the consultancy Decker Partners for three years, after serving for 17 years as as an executive at BNY Mellon’s Investment Services business.

“I am energized by the firm’s desire to leverage data, technology and innovation to transform the sales experience,” Posner said in a statement. “I look forward to working with this dynamic sales team to maximize results for the firm and develop relationships with advisors through meaningful engagement.”

In the quarter ended June 30, LPL’s affiliated advisor headcount was 16,048. That represented a drop of 18 from the prior quarter, but a jump of 1,793 registered reps (including many who moved to LPL as part of its purchase of the former National Planning Holdings’ broker-dealer assets).

LPL’s advisors have average yearly fees and commissions of $231,000 and average assets of $41 million, as of June 30.


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