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October 12, 2020 at 04:53 PM
LPL Financial has hired Thomas Cappello, CFA, as executive vice president and chief risk officer. Cappello took over his new role — which makes him responsible for enterprise, business and product risk management — on Monday and now reports to Chief Legal Officer Michelle Oroschakoff.
Most recently, Cappello served as CRO for Bank of America’s Investment Solutions Group, which included oversight of material risks related to investment advice, strategy and products across Merrill Lynch and BofA’s Private Bank.
Prior to that, he was head of operational risk for UBS Wealth and Asset Management. He started his career in 2002 as a financial advisor at UBS.
“Tom brings a risk-ready mindset and vast wealth management experience, which will allow him to champion an effective enterprise-wide risk management framework across all of LPL’s business units,” according to Oroschakoff, who joined the firm in 2013 from Morgan Stanley.)
The news comes about two months after LPL rolled out its employee advisor channel, which offers advisors payouts of 50% to 70% of revenues and charges no platform, transaction or administrative fees. It aims to attract advisors employed by the wirehouses and other large broker-dealers.
