Burt White, a longtime fixture at LPL Financial and its chief investment officer, is retiring next March, the company said in a statement Monday afternoon after the market closed.
Managing director, Investor and Investment Solutions, as well as head of investments, Burt White joined LPL in 2007 and is one of the few remaining senior executives that is a holdover of the company from before its initial public offering in 2010.
Prior to LPL, he was a managing director and director of research at Wachovia Securities, which became Wells Fargo Advisors after the credit crisis of 2008 and 2009.
Burt White, 52, is well known for his high-energy presentations before financial advisers at LPL's various meetings throughout the year. The firm, now with more than 19,000 affiliated financial advisers, is currently looking for a replacement.
"Burt has played an integral role in LPL’s journey to enhance the adviser experience, elevating the firm’s research, wealth management, product and platform capabilities," said Dan Arnold, LPL's CEO, in a statement. "He will be missed by advisors and employees alike."
"LPL has been far more than a place of work," White said in the statement. "It has been the inspiration for my career journey, a big piece of who I have become and a place where I have been privileged to work with some of the most talented people in the industry."
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
