LPL Financial LLC is losing one of its key executives.
Bill Dwyer, who shepherded the company from a small, privately held broker-dealer to a publicly traded giant of the retail securities industry, is leaving the broker-dealer.
Mr. Dwyer, 55, joined LPL Financial in 1992. He was central in efforts to recruit representatives and LPL soon became an industry juggernaut. Under Mr. Dwyer's watch, LPL routinely beat other broker-dealers in the recruiting wars, employing greater numbers of recruiters and offering reps bigger bonuses than its rivals.
Most recently, Mr. Dwyer's title was president of national sales for LPL. His focus had been on lobbying in Washington for independent broker-dealers. Mr. Dwyer earned $2.7 million in total compensation as of the company's fiscal 2011.
When asked whether Mr. Dwyer was leaving the firm, LPL spokeswoman Betsy Weinberger declined to comment.
Mr. Dwyer's departure is yet another change in the longtime management at LPL Financial, which became a publicly traded company in November 2010.
In May, former LPL president Esther Stearns became chief executive of a new subsidiary that focused in recruiting and training new financial advisers to work with less affluent investors. Former chief communications office Kandis Bates, who joined Ms. Stearns in that venture, also was replaced last year.