Bill Dwyer, one of the key players in LPL Financial's transition from a small, privately held broker-dealer 30 years ago to a publicly traded giant of the retail securities industry, is back in the retail wealth management business as head of AlphaTrAI, a wealth management firm that's focused on artificial intelligence.
Dwyer, who spent 22 years at LPL, from 1992 to 2014, and was often the public face of the firm as its head of recruiting and president, was spotted this week in Orlando, Florida, pressing the flesh at OneVoice, the annual meeting of the Financial Service Institute, a leading trade and lobbying group for independent broker-dealers such as LPL.
"AlphaTrAI is a startup provider of customized technology solutions for wealth and asset management firms," Dwyer said in an email Thursday. “I’ve taken the role as the lead investor, chairman and CEO of AlphaTrAI, where we build customized software tools for wealth and asset management firms to enable advisors to better serve their clients through customized solutions."
Under Dwyer’s watch, LPL routinely beat other broker-dealers in the recruiting wars, employing greater numbers of recruiters and offering reps bigger bonuses than its rivals.
“Bill Dwyer is a terrific senior executive and leader, and I can’t wait to see what he does here,” one senior industry executive said, speaking privately about Dwyer's latest position.
Dwyer's move could be well-timed. The use and impact of artificial intelligence in the financial advice industry, where it's already employed heavily in marketing, was the biggest point of discussion at the FSI meeting this week.
According to its website, "AlphaTrAI is a technology company using artificial intelligence to build the next generation of automated, accessible, cost efficient tools for solutions for institutional, wealth and retail clients."
Navid Alipour and Dwyer are both listed as "managing members" on the Form ADV for the registered investment advisor, AlphaTrAI IM. Each appears to control half the firm, according to the Form ADV. The firm has no assets under management listed.
The company is pitching itself as a path to growth for financial advice firms.
"While most struggle to unlock the true potential of AI, leading wealth and asset management firms can achieve 20% [earnings before interest and taxes] growth through its strategic application," according to AlphaTrAI marketing materials.
"Through customized, AI-driven solutions, we unlock industry-leading products, streamline operations, and enhance client experiences," according to the company. "Our deep financial expertise combined with advanced technology fuels your top-line growth, reduces operating risk, and lowers costs."
Dwyer left LPL in 2014, four years after the firm's initial public offering and listing on the Nasdaq, and around the same time that other longtime senior executives also left. He then briefly worked for the former non-traded real estate investment trust czar Nicholas Schorsch at RCS Capital Corp.
Challenging conditions have limited deals in 2024 but what about next year?
New report reveals trends and challenges that the sector is facing.
Traders are more confident that rates will be cut next week.
Strategists believe economic case is strong enough to win investment.
Appointment would be another plus for digital assets industry.
"The profitability of the CLO is going to be very attractive," said CIO at Flat Rock Global.
"Synth Equity has been such a tailwind for these advisors who really understand the story," Measured Risk Portfolios’ head of distribution said.
