FSC Securities Corp. said on Wednesday morning that industry veteran Derek Burke was replacing Jerry Murphy as president and CEO of the firm. With about 1,000 financial advisers, FSC is one of the four broker-dealers that constitute the Advisor Group network.
Mr. Murphy is leaving to become a partner at one of FSC's largest OSJs, or offices of supervisory jurisdiction, which operate like branches at independent broker-dealers, the company said.
"As FSC gets ready to celebrate its 60th birthday in 2018, the firm will maintain the culture underlying its past successes, while also continuing to focus on innovation," said Advisor Group CEO Jamie Price, in a statement. A wirehouse veteran, Mr. Price became CEO of Advisor Group late last year.
Mr. Burke was most recently president of independent broker-dealer Waddell & Reed Inc., which he left at the end of February, according to his BrokerCheck profile. FSC currently manages $37 billion in client assets.