LPL elevates Marc Cohen to expanded managing director role

LPL elevates Marc Cohen to expanded managing director role
The firm's longtime leader of corporate strategy will also spearhead efforts to reshape its models for independent advisors and other channels while reimagining its business services offerings.
DEC 16, 2024

LPL has made another major change in its leadership as it selects the architet to help define its next phase of evolution.

On Monday, the top-ranked wealth firm announced its decision to promote Marc Cohen to managing director of business strategy and innovation.

In his expanded role, Cohen will continue to lead the firm’s corporate strategy while also overseeing business line and affiliation strategies for independent advisors, large enterprises, and institutional channels. Additionally, Cohen will take charge of LPL’s business services offerings and its innovation lab for emerging solutions.

“Marc is an entrepreneur by nature whose innovative thinking has helped reimagine the strategic evolution of our firm, including how advisors and institutions scale their businesses with LPL as their partner,” LPL Financial CEO Rich Steinmeier said in a statement Monday afternoon.

“Respected for his stewardship of independence in the advisor-mediated marketplace, Marc’s expertise elevates the experiences we bring to our clients in every stage of their business and strengthens LPL’s leadership in wealth management through differentiated solutions and innovative strategies,” said Steinmeier, who took the chief executive role at the firm following the surprise ouster of his predecessor Dan Arnold in October.

Cohen’s promotion marks a significant milestone in his tenure with LPL, which began in 2018 when he joined the firm from MarketCounsel.

He built his career around helping wirehouse advisors achieve independence, from building blueprints for breakaways to helping them contiunue with their strategy development, solidifying their operations and compliance, and mapping out their succession planning and exit strategies.

At LPL, he initially played a key role in developing new advisor affiliation models designed to attract wirehouse breakaways and RIAs. Since then, his responsibilities have grown to encompass corporate strategy and initiatives like the firm’s Liquidity & Succession program, which supports advisors in business transitions.

“My commitment to this industry and to LPL is grounded in the rewarding work of guiding advisors towards building thriving businesses to achieve their personal definitions of success,” Cohen said. “I’m grateful for the opportunity to continue scaling our strategies and exploring the innovative ways that LPL can better serve our clients to help them embrace their own entrepreneurial opportunities.”

Latest News

People moves: RBC taps Raymond James veteran for Texas complex
People moves: RBC taps Raymond James veteran for Texas complex

Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant

Ex-LPL, special needs advisor pleads guilty in fraud case
Ex-LPL, special needs advisor pleads guilty in fraud case

Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.

Advisor moves: Raymond James lands $700M Truist team in Naples
Advisor moves: Raymond James lands $700M Truist team in Naples

Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

SEC’s 2027 exam priorities put RIA conflicts and cyber risks in focus
SEC’s 2027 exam priorities put RIA conflicts and cyber risks in focus

Examiners will scrutinize fee conflicts, complex products and super intelligence threats as broker-dealers face fresh Reg BI and AML reviews

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor