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

+ Zoom

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.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Help special needs families get started on a lifetime of planning

Managing editor Christina Nelson talks with special projects editor Liz Skinner about specialists who say any adviser can and should get the financial ball rolling for people in this community.

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Video Spotlight

Path to growth

Video Spotlight

Path to growth

Latest news & opinion

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

What not to say to clients when the markets drop

Here's what advisers should steer clear of saying the next time stocks turn downward.

SEC bars former rep for alleged share price manipulation

George Thoreson tried to keep penny stock's price high to enable Nasdaq listing.

Nevada fiduciary law raises concerns among retirement professionals, brokerage industry

Critics complain that it conflicts with ERISA and SEC rules and has potential to spur other states to pass their own version of a fiduciary rule.

A special need for financial advice

Advisers don't have to be experts to help special needs families get a jump on lifelong planning.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print