Former LPL executive Derek Bruton resurfaces at Oppenheimer

Mr. Bruton, who resigned suddenly from LPL Financial in April 2014, joined Oppenheimer sometime this month

Nov 14, 2016 @ 1:59 pm

By Bruce Kelly

Derek Bruton, a senior executive formerly with LPL Financial who abruptly resigned under a cloud in 2014, is now registered with Oppenheimer & Co. Inc., a New York brokerage that recently cut ties with some brokers who posed compliance risks.

According to Mr. Bruton's BrokerCheck profile, he joined Oppenheimer sometime this month after departing Lucia Securities in August. He was CEO of Lucia Capital Group.

According to his LinkedIn profile, Mr. Bruton is a managing director with Oppenheimer.

Mr. Bruton did not respond to an email message Monday afternoon to comment. A spokeswoman for Oppenheimer, Jacqui Emerson, also did not respond to a call asking about Mr. Bruton's status at Oppenheimer.

Mr. Bruton resigned suddenly from LPL Financial in April 2014, where he was in charge of independent adviser services.

LPL “permitted (Mr.) Bruton to resign, effective immediately, in light of the company's concerns about Mr. Bruton's interactions with other employees,” the company said in a filing at the time with the Securities and Exchange Commission.

At the end of October 2015, Oppenheimer had 1,262 advisers. It now has 1,177 brokers, a decline of close to 7% over the 12 months ended in October.

Oppenheimer has been cutting less productive advisers along with those who could cause problems for the company. In its quarterly earnings report from last month, the company stated: “The decline in financial adviser headcount has been a result of the company's attention to productivity and compliance leading to attrition for less productive financial advisers and the elimination of financial advisers who could lead to future compliance-related issues. The decline in headcount has been also related to retirements and normal attrition.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

InvestmentNews celebrates diversity & inclusion in the financial advice business

Highlights of the Excellence in D&I Awards, showcasing the achievements of 26 individuals and firms that are moving the needle when it comes to diversity and inclusion.

Latest news & opinion

10 advisory firm employee benefits you won't believe

Some advisory firms stand out for their creative efforts to keep their troops happy and engaged. Spa retreat, anyone?

Small-cap funds take a beating

For most of the year, the sector had outperformed, but that all changed last week.

SEC commissioner Stein suggests Congress address differing broker, adviser standards

She said lawmakers may have to change 'solely incidental' language that lets brokers give advice.

Social Security and the fear of missing out

How to lower expectations when clients think they're owed a bigger Social Security benefit.

7 things advisers should do today to boost diversity and inclusion

Creating diversity and inclusion within financial advice firms is challenging, but these InvestmentNews Excellence in Diversity & Inclusion award winners have suggestions that firms can put into practice today

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