LPL Picks Up Veteran Exec From Altruist
Pete Dorsey has joined LPL as executive vice president of Institution Services, replacing Shawn Mihal.
LPL Financial said Monday it appointed industry veteran Pete Dorsey executive vice president of Institution Services, succeeding Shawn Mihal, who leaves LPL Oct. 3.
Mihal joined LPL as part of its acquisition of Waddell & Reed Financial’s wealth management business from Macquarie Management Holdings in early 2021.
“Shawn has decided to seek opportunities outside of the firm,” an LPL spokesperson told ThinkAdvisor on Tuesday.
Dorsey will provide strategic leadership to the team responsible for LPL’s bank, credit union and enterprise clients, while working to “deepen and strengthen these clients’ personal interactions and experiences with LPL,” LPL said.
He has served as chief strategy and revenue officer at Altruist since February 2021. He brings more than two decades of experience in the institutional business, previously holding leadership positions in sales, practice management and operations as a managing director at TD Ameritrade and a six-year stint as vice president at Fidelity Investments.
Dorsey joined TD Ameritrade in 2005 as vice president and spent nearly 16 years with that firm in all, the final nine years or so as national managing director, institutional sales and relationship management, according to his LinkedIn profile.
Dorsey started with LPL on Sept. 21 and reports to Matthew Enyedi, managing director of national sales and marketing.
“As LPL’s presence in the institution space continues to grow, we are confident that Pete will bring tremendous value to our partners and their financial advisors,” Enyedi said in a statement. “He has a track record of working closely with enterprises, institutions and advisors to help them establish and grow their practices.
“With Pete’s leadership, LPL will continue to evolve our efforts to create differentiated experiences for a growing range of institutions and enterprises, helping them thrive across all aspects of their wealth business,” Enyedi added.
LPL now supports 21,000 financial advisors and 500 independent RIA firms across the U.S. and has more than $1 trillion in brokerage and advisory client assets serviced or custodied.
Pictured: Pete Dorsey