Scott Posner, LPL Financial managing director, business development, is expected to leave the firm and will stay through June to assist with a transition.
In the role since 2018 and based in San Diego, Posner has been responsible for organic growth initiatives across LPL, including advisor recruiting, succession and business transitions, according to his LinkedIn profile.
"For the past eight years, Scott has played an important role in advancing our firm and has led transformational organic growth. We are grateful to Scott for his leadership and contributions to our firm's success and we wish him the best in this next chapter," LPL said in a statement to ThinkAdvisor on Monday.
"We have a talented team who is prepared to take on expanded roles and we are confident that they will continue to advance our industry leadership," the firm added.
LPL reported $104 billion in recruited assets for 2025, a drop of 43% from a record $149 billion in 2024.
The broker-dealer, which announced it was buying Commonwealth Financial Network for $2.7 billion a year ago, said in Janaury that it expects to retain about 90% of Commonwealth's assets — which were $285 billion when the deal was announced.
Firms across the industry have been aggressively recruiting Commonwealth advisors, with more than 650 departing over the past 12 months or so, according to AdvizorPro and Muriel Consulting. This represents a drop in the firm's headcount of over 20%, based on an initial advisor headcount of about 2,900.
LPL currently works with over 32,000 financial advisors and 1,200 financial institutions with about $2.4 trillion in total brokerage and advisory assets. It is set to report its first-quarter earnings on April 30.
News of Posner's departure was first reported by AdvisorHub.
— Janet Levaux contributed to this report.
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