Schorsch adds industry veteran Dwyer to RCAP's team

Former executive at LPL Financial will head up firm's nontraded REIT wholesaling and distribution unit

Sep 23, 2014 @ 6:30 am

By Bruce Kelly

RCS Capital Corp. continues to shake up its senior leadership and add top industry talent to its already deep management team.

On Tuesday, RCAP said it had hired a former top LPL Financial executive, Bill Dwyer, as chief executive of Realty Capital Securities, RCAP's wholesaling and distribution broker-dealer that is the leading seller of nontraded real estate investment trusts.

Since 2007, RCAP has raised $20 billion through its sale of more than 30 nontraded REITs and other direct investment programs, according to the company.

Last year, RCAP hired Larry Roth, former head of the AIG Advisor Network, for the same job — CEO of Realty Capital Securities. Months later, Mr. Roth was named CEO of Cetera Financial Group, RCAP's army of nearly 10,000 retail reps and advisers.

(See also: Larry Roth: Defining the next 10 years for independent broker-dealers)

At the time, RCAP president Michael Weil filled Mr. Roth's job as the head RCAP's wholesaling group. Mr. Dwyer is now taking over those responsibilities.

Mr. Weil is moving up to succeed William Kahane as RCAP's CEO. The longtime business partner of RCAP's executive chairman, Nicholas Schorsch, Mr. Kahane will remain a director of RCAP.

RCAP's wholesaling effort “is an enormous business, and Bill is a legend in the industry,” said Mr. Schorsch. “He's a builder — that's what attracted us to him. He builds things and runs them at their highest level.”

Mr. Dwyer spent more than 20 years at LPL until he resigned last year, saying he wanted to focus more time on charity and philanthropy.

“I've taken some time off and focused on family and philanthropic time,” Mr. Dwyer said. “But once I started talking to these folks &mdash the look and feel of RCAP is highly entrepreneurial and it's incredibly exciting.”

LPL CEO Mark Casady, in a statement, said Mr. Dwyer "will bring experience and leadership to the rapidly evolving field of alternative investments, and we wish him well in that endeavor. He said LPL looks forward to working with Mr. Dwyer.

“This is an important day for the company,” said Mr. Weil. “We saw tremendous results when Larry came to the company only a year ago, and with Bill we have the same caliber of person. We've also asked Bill to continue with the philanthropic work.”

RCAP also said on Tuesday that it had appointed John Grady as its chief strategy and risk officer. Prior to his new role, Mr. Grady held various executive management positions at RCAP and a related company, AR Capital.

In another new hire, RCAP said it had it appointed Sanjay Yodh as executive vice president of its liquid alternative investments group. Mr. Yodh previously was head of institutional sales at ProShares, a leading seller of alternative investment exchange traded funds.


What do you think?

View comments

Most watched


How advisers can be a gamechanger for women investors

Why women defer to men when it comes to finances and how advisers can combat this phenomenon and make a difference for female investors, according to Heather Ettinger, founder and CEO Luma Wealth Advisors.


How the 2020 elections could impact ESG investing

Joseph Keefe, president of Impax Asset Management, on the elections and how advisers can build a bridge to the next generation of clients with ESG investing.

Latest news & opinion

Charles Schwab reportedly in talks to buy USAA brokerage, wealth management business

The deal would net Schwab roughly $100 billion in new assets.

Advisers scramble to help retirees navigate looming Fed rate cut

The Fed's first interest-rate cut in a decade has advisers warning against chasing the bait of risk over safety.

CFP Board to announce possible delay of new fiduciary standard

Organization's CEO confirms meeting with Edward Jones, says broker-dealer still considering how to move forward.

Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule

Acting secretary Patrick Pizzella will have to make political decision to move ahead.

SEC member Peirce to brokers: Talk to us early, often about Reg BI implementation problems

She's willing to advocate for additional compliance time if firms have made a good faith effort.


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 It'll help us continue to serve you.

Yes, show me how to whitelist

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


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print