Advisor Group broker-dealer gets new CEO

Derek Burke replacing Jerry Murphy as president of firm

Sep 13, 2017 @ 2:04 pm

By Bruce Kelly

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.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Schwab's Bettinger: What explosive RIA growth means for Schwab, the industry

With rapid asset growth from high-net-worth investors, how is industry momentum accelerating growth for independent advisers. Schwab's Walt Bettinger explains what's ahead.

Latest news & opinion

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

Betterment launches 'free' charitable-giving platform

Robo-software provider lets investors donate directly from their accounts, and will not charge charities with less than $1 million on the platform.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print