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headshot of LPL Executive Bill Sappington

Industry Spotlight > Broker Dealers

LPL Taps Former BNY Mellon, Merrill Exec for Banking Role

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LPL Financial has hired Bill Sappington, a former executive at Bank of New York Mellon and Merrill Lynch, to serve as its head of Banking and Lending Solutions.

In this role, Sappington will focus on “an industry-leading offering” for LPL’s affiliated advisors and their clients, according to the firm. He will report to Chief Product Officer Kabir Sethi.

Sappington has 30-plus years of industry experience and most recently served as head of wealth management and private banking for City National Bank (2018-2019), which is part of RBC. Earlier, he was head of private banking for BNY Mellon (2007-2018).

“Bill’s deep expertise in building global banking businesses and wealth management will help LPL deliver near-term value and a long-term vision to growing LPL’s banking and lending business,” Sethi said in a statement.

In his time at BNY Mellon, he helped launch banking and lending services for independent advisors affiliated with Pershing Advisor Solutions and Pershing; he also worked on the firm’s Private Banking Concierges Group.

Sappington also led the development of the Merrill Lynch Loan Management Account (LMA), which was the first fully integrated digital lending solution in the industry. He was with Merrill from 1987 to 2006.

“I’m excited to join LPL at this crucial time and lead the firm’s efforts to build a new Banking and Lending platform,” Sappington said in a statement. “The firm has proven its ability to innovate in its advisor offerings to deliver sophisticated solutions.”

LPL works with some 20,000 advisors, roughly 1,000 institution-based investment programs and about 500 independent RIA firms. It had $1.16 trillion in assets on its brokerage and advisors platforms as of March 31, 2022.