LPL Financial has made a strategic appointment as it seeks to broaden out its offer for advisors and investors.
The $1.8 trillion broker-dealer has hired Mike Holtschlag, a 25-year financial services industry veteran to head up a team focused on banking and lending including cash management accounts, credit cards, and secured credit lending.
As executive vice president of Banking and Lending, Holtschlag will draw on his 17 years of experience at Fidelity Investments which included his last three years as senior vice president of saving, spending, and lending.
The importance of these areas of financial services to LPL Financial is in enabling advisors to offer a more comprehensive suite of solutions and services to those clients that prefer a singular home for their financial needs. Holtschlag will be instrumental in driving integration of lending, liquidity, and cash management options within investment and advisory and trading teams.
“Simplification and centralization are key for both advisors and investors,” said Aneri Jambusaria, Group Managing Director of Wealth Management at LPL Financial. “Mike’s deep expertise in financial solutions and his proven track record in driving innovation will be instrumental in advancing our banking and lending initiatives, ensuring we continue to offer exceptional, one-stop solutions that reduce friction and power growth for our advisors. With Mike on board, we look forward to continuing to elevate LPL as the destination of choice in wealth management.”
Prior to his almost two decades with Fidelity Investments, which also included terms as head of strategy and business development in the personal investing business, and three years as head of Fidelity Consulting, Holtschlag spent six years as a principal at the Boston Consulting Group.
LPL Financial recently introduced a new tier in its leadership structure, elevating five senior executives to managing director roles – a move the firm says reflects its ongoing growth and evolving operational complexity.
The independent broker-dealer, which is acquiring Commonwealth Financial Network in a $2.7 billion deal, is actively expanding through acquisitions of smaller firms too. One analyst says that the firm has a war chest that will enable it to spend up to $800 million a year acquiring firms as part of its succession planning program.
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