LPL Financial said Friday that Andy Kalbaugh, managing director and divisional president of National Sales and Consulting, will retire on March 31, 2021. Kalbaugh has been with the independent broker-dealer since 2007.
The firm has not tapped a successor and plans to conduct an external search to fill the role, which focuses on “the long-term growth, satisfaction and retention of LPL’s financial advisors and institutional clients,” according to the independent broker-dealer.
“We’ve been fortunate to have Andy as a leader at LPL for more than a decade, during which time he has created immeasurable value for our firm, for our advisors’ practices, and for the financial institutions we support,” said LPL President and CEO Dan Arnold, in a statement.
Kalbaugh joined LPL after the firm bought Mutual Service Corp., where the executive had worked for two years. Earlier, he was president and CEO of American General Securities Inc., from 1995 to mid-2007.
“I’m fortunate to come to work every day for a company and job I love, supporting our advisors and institutions … ,” according to Kalbaugh. “The timing is never perfect for retirement, but I’m content knowing the firm is in good hands, and in great shape to grow and prosper moving forward.”
Before his current post at LPL, he was executive vice president of business consulting for Independent Advisor Services. Kalbaugh became a managing director in 2011.
“We’ll use the next several months to conduct a thoughtful search for a new senior leader, and Andy has agreed to stay on to help ensure a smooth transition,” Arnold said. “We wish Andy the very best on the next leg of his personal journey.”
As of June 30, LPL had 16,973 affiliated independent advisors, up 812 — or about 5% — from the year-ago quarter, and up 251 — or about 1% — from the prior period. Its total assets are $762 billion; net new assets in the latest quarter were $13 billion.
The independent broker-dealer’s revenue fell 2% from a year ago to $1.37 billion. Its net income, though, decreased 30% to $102 million as earnings per share dropped 26% to $1.27.
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