LPL Financial has hired a senior industry executive with an extensive background in so-called breakaway brokers, meaning financial advisers at large Wall Street banks and wirehouses who leave those institutions and become independent registered investment advisers.
Marc Cohen joined LPL on Wednesday and is senior vice president, strategic business development, and will focus on recruiting. He joined LPL from MarketCounsel, where he worked for over 12 years and most recently served as chief operating officer.
Mr. Cohen declined to comment about his new role at LPL.
Jeff Mochal, an LPL spokesman, wrote in an email: "We are excited to have someone with Marc's background and industry experience join LPL — he will be a great addition to our leadership team within business development." Mr. Mochal declined to comment further about Mr. Cohen's new role.
MarketCounsel is a legal and consulting firm for registered investment advisers, breakaway brokers and firms across the financial advice industry.
One recruiter saw LPL's hiring of Mr. Cohen as a way to focus on advisers considering leaving Wall Street.
"I think it's a great move to bring in someone who can focus on the breakaway side of the business," said Jodie Papike, president of Cross-Search, a recruiting firm. "Most independent broker-dealers have not branded themselves in the right way either to keep brokers who want to start an independent RIA or tuck in people under RIAs that use the firm custodian. Most broker-dealers haven't been vocal enough about that second option."