LPL's CIO says tools are sound

Firm pledges more money for products and services that monitor technology

Feb 18, 2008 @ 12:01 am

By Davis D. Janowski

LPL Financial will increase its spending on monitoring tools and in other areas to make sure it does not experience a repeat of last year's technology glitches, according to its new chief information officer. Chris Feeney, who joined the San Diego-based unit of Linsco/Private Ledger Corp. last week, oversees the independent broker-dealer's business technology services group. He joined LPL from Thomson Financial in New York, where he was global managing director of wealth management, overseeing Thomson's products and services for its brokerage, mutual fund and advisory customers. "As you grow like LPL has, you've got to make the investment in monitoring tools, and we know that reliability and recoverability are a constant — a part of the fabric of our business," he said.

In August, LPL, headquartered in Boston and San Diego, experienced a technical failure that left about 7,000 representatives without online access to client accounts for three days.

Mr. Feeney said he is comfortable with the progress that has been made since the outage.

"I've taken an on-the-ground look, and we're in really good shape. When you think back to the fall — it's really been thought out and thought through during the interim period. It's now down to execution," Mr. Feeney said.

Following the technical failure, LPL hired Tony Perez Sales from turnaround specialist AlixPartners LLP of Southfield, Mich., on an interim basis to fill the CIO position vacated by Andrew Duggan.

Mr. Feeney reports to Esther Stearns, president and chief operating officer.

"LPL was a client of mine before my coming here, and I'm very cognizant of the virtues of the platform, not just the network. So I see it as a matter of staying focused. Our [current] processes are sound," he said.

Davis Janowski can be reached at djanowski@crain.com.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How would your client service change if you had one client?

Too often, advisers are focused on scale and growth instead of their clients. Adviser Barry Glassman explains what advisers can do to stand out in a crowded industry.

Latest news & opinion

Step one: Withdraw from the broker protocol

Pulling out of the protocol proved to be one part of multipronged strategies by Morgan Stanley and UBS to reduce broker attrition. So far, their plans seem to be working.

11 best islands in the world to retire to

International Living has come up with a list of affordable islands around the world.

SEC tests show investors don't understand disclosure form for brokers, advisers

Investor advocates: Agency still has a lot of work to do on Form CRS

Wells Fargo considering sale of retirement-plan unit

The business could fetch as much as $1 billion, sources say.

Employees can now save in a 401(k) by using a credit card

EvoShare provides workers with credit-card perks in the form of contributions to a retirement plan.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print