LPL losing tech guru Victor Fetter

He will be replaced by Scott Seese, most recently at American Express, and known for being a 'digital disruptor'

Jun 22, 2017 @ 5:24 pm

By Bruce Kelly

Victor Fetter, one of the executives at LPL Financial most responsible for the recent roll out of its new technology platform for advisers, ClientWorks, is leaving the firm.

He is joining a technology company called Vertiv Inc.; it designs, builds and services infrastructure that enables applications for data centers, communication networks and commercial and industrial facilities.

At LPL since December 2012, Mr. Fetter was chief information officer, or CIO. He will be chief digital officer at Vertiv.

LPL said in a statement Thursday afternoon that Scott Seese, most recently with American Express and before that eBay Inc., will join LPL as managing director and CIO as of July 10.

"I'm excited to welcome Scott to our management team, and I'm confident in his ability to transform our technology products and platforms from utility to strategic assets," said Dan Arnold, president and CEO of LPL Financial. "Scott is a seasoned technology executive who is known as an innovator and digital disruptor."

LPL advisers routinely complain about the firm's technology. ClientWorks was supposed to have been released to the firm's brokers by the spring of 2015, but the technology upgrade ended up taking much longer.

At LPL's annual meeting for its advisers last August in San Diego, Mr. Fetter said the firm would continue upgrading its technology. Several new capabilities, including a client home page, had been introduced, and more was scheduled for the start of 2017, he said at the time.

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