Derek Bruton: I'll be back

Former LPL executive says taking time off to recharge

Apr 8, 2014 @ 2:32 pm

By Bruce Kelly

lpl financial, derek bruton, recruiting, brokerage
+ Zoom
Derek Bruton: “The phone calls and support have been amazing.”

Derek Bruton, the executive in charge of the 13,600 representatives and financial advisers at LPL Financial, who resigned from the firm abruptly last week, said he is taking time off “to recharge the batteries and spend time with the family.”

In an e-mail, Mr. Bruton said he expects to be back.

“I look forward to bringing my experience, and most of all, my passion for serving advisers, to my next opportunity,” he wrote. “However … after spending two-plus decades applying that passion, growing businesses, developing staff and having a lot of fun doing it, it will be good for me to take a small break and think clearly about how and where I can be of the most value.”

He declined to address what happened at LPL, where his title was managing director for independent adviser services.

Last Friday, LPL said in a filing with the Securities and Exchange Commission that it “permitted [Mr.] Bruton to resign, effective immediately, in light of the company's concerns about Mr. Bruton's interactions with other employees.” His separation was not related to the company's performance, LPL said.

LPL plans to fill the position internally, according to spokeswoman Betsy Weinberger.

On Tuesday, Mr. Bruton said in his e-mail: “The phone calls and support have been amazing.”

Get Daily News & Intel

Breaking news and in-depth coverage of essential topics delivered straight to your inbox.