Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Industry Spotlight > Broker Dealers

LPL Picks Up Merrill Exec, Shuffles Leadership

By Jeff Berman

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • LPL has named new leaders to the groups formerly led by Burt White and Andy Kalbaugh.
  • Kabir Sethi, managing director and head of digital wealth management at Merrill Lynch, has been named LPL managing director and chief product officer.
  • Matt Enyedi, managing director of LPL Business Solutions, will shift to managing director of National Sales and Marketing.

LPL Financial on Monday announced leadership changes to its Management Committee taking effect May 2 that include the addition of Kabir Sethi, currently managing director and head of digital wealth management at Merrill Lynch, as managing director and chief product officer.

“Best move LPL has made in years. They just landed one of the top wealth technology minds of our time!” tweeted Doug Fritz, head of consultancy F2 Strategy early Tuesday about Sethi’s hiring.

Sethi, who will assume many responsibilities previously handled by former LPL executive Burt White, was with Merrill since 2004 and served in a variety of roles, including his current positions since August 2016, according to his LinkedIn profile. Earlier at Bank of America, Sethi was responsible for its Consumer Banking digital platforms and capabilities, LPL noted.

He will direct LPL’s technology capabilities and wealth management platforms and “lead product strategy, development and management to drive innovative, high-quality products that will benefit LPL advisors, RIAs and institutions,” the firm said.

Sethi will report to LPL CEO and President Dan Arnold.

Enyedi Promotion

Meanwhile, Matt Enyedi, currently managing director of LPL Business Solutions, will move from that division to serve as managing director of the organization once led by Andy Kalbaugh, also effective May 2.

Enyedi started his career as a financial advisor and “understands the unique needs and perspectives of our clients,” LPL said. He joined LPL in 2003, serving in various roles over the years.

As managing director, LPL Business Solutions, Enyedi has been responsible for developing and deploying a suite of professional services to support advisors as business owners. He previously was executive vice president, National Sales, where he led the firm’s data analytics and business intelligence efforts, and “oversaw a team focused on providing capabilities to help advisors grow their businesses and reach new segments of clients,” the firm said.

Earlier, Enyedi was also responsible for teams supporting LPL’s RIA custody and high-net-worth solutions. He will now head the teams “focused on growing LPL’s relationship with its advisors, RIAs and institutions and helping advisors grow their relationships with their clients,” the company said.

Pointing out that Enyedi served in LPL’s National Sales division a few years ago under Kalbaugh, the firm explained that the changes announced Monday shift him back to lead a group that LPL said was “near and dear to his heart.”

Other Changes

That expanded organization now also includes marketing and its name has been changed to National Sales and Marketing.

LPL announced in February last year that, after 14 years with LPL Financial and 32 years in the business, Kalbaugh — head of National Sales and Consulting — was set to retire in late March 2021. Kalbaugh wouldn’t have one successor, LPL said at the time. Instead, LPL said it planned to have several executives take over his responsibilities, which were to be incorporated into broader initiatives to support advisors and their growth strategies. 

“The advisor is the center of everything we do and these hires represent that,” Arnold said in a statement. “With Kabir and Matt, we have two strong leaders to further position our firm and our advisors as the leading choice to serve the growing demand for advice through an advisor relationship. These two leaders represent the best of both worlds with internal and external talent.”

Last month, White retired as LPL’s chief investment officer and managing director. He was with the firm since November 2007. White recently joined Carson Group as its chief strategy officer and a managing partner.

LPL now works with about 20,000 financial advisors, 500 independent RIA firms and about 800 institution-based investment programs nationwide, it said. The firm now has over $1 trillion in client assets under management, according to its website.

(Pictured, left to right: Kabir Sethi and Matt Enyedi)

Jeff Berman

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.