It struck me with a wee bit of irony the other day that NestWise, LPL Financial's foray into serving the mass market with financial advice, had just hired a former Goldman Sachs employee.
I'm not saying there is anything wrong with it, just that it struck me as interesting, I suppose because when I think mass market I do not think of Goldman Sachs.
Anyway, Rudy Bethea has been hired by Nestwise as its chief business development officer. In addition to his most recent gig at the Goldman Sachs Group Inc. he worked for MetLife, Inc.; and American Express Company, where as a prepared statement notes: “he built and led teams of financial advisors focused on both the retail and employer markets.”
He has, as the statement goes on to say, an MBA from the USC Marshall School of Business and has been recognized in the Black MBA Magazine “Top 50 Under 50” list.
In addition to their new hire NestWise has its own logo and has begun dispensing financial advice under its own name.
I'm not going to waste many electrons here but for those that have not heard of it NestWise is the recently formed subsidiary of LPL Financial Holdings Inc. that was “designed to provide families and individuals with access to high-quality and affordable personal financial advice.”
At the moment the firm continues to run using the 17 advisers that came over in the acquisition of Veritat but is beginning its efforts at recruiting fresh faces.