LPL Financial has hired a former OppenheimerFunds executive to lead its efforts at turning data into helpful information for advisors and the firm as part of its continued growth push.
Ashish Braganza became executive vice president of Data, Analytics and Innovation at the independent broker-dealer on June 24. He reports to Burt White, managing director, Investor & Investment Solutions, and will work out of the firm’s Fort Mill, South Carolina, location.
The news comes less than two months after LPL’s said it was boosting its 2019 technology budget to $150 million from the estimated $135 million figure it shared earlier. This new spending level represents a 25% increase over last year’s tech budget of $120 million — and puts it ahead of the 20% compound annual growth rate the firm says it has been on since 2015, when it had a $60 million tech budget.
Braganza spent over a year at Oppenheimer as head of Client Insights and Analytics. Earlier, he was a director of Global Analytics and Business Intelligence for computer maker Lenovo Group. Also, he worked for Comcast Cable on digital optics and optimization.
“Ashish … is an innovative thinker and strong leader with a proven track record of leveraging data and analytics to drive revenue and deliver positive user experiences,” according to White. “With his passion and experience, our advisors will benefit as we enhance our analytics-based approach to developing and the products they utilize every day.”
Braganza is an active member of the Digital Analytics Association and speaker on the topic at industry events.
“I am inspired by LPL’s strong leadership and the firm’s commitment to innovation and making data-based decisions to improve the advisor experience, backed by heavy investments in technology, artificial intelligence, machine learning and data science,” he said in a statement.
“I am excited and energized to be able to leverage the power of data analytics to identify and remove friction in each interaction with advisors,” Braganza added.
As of March 31, the IBD had 16,187 affiliated advisors and $684 billion of assets.