LPL hires E*TRADE CFO Audette to replace Dan H. Arnold

Manager known as a 'turnaround artist' to take financial helm after Arnold bumped to president to replace Moore.
MAY 06, 2015
LPL Financial said Monday it hired Matthew J. Audette as chief financial officer to replace Dan H. Arnold, who recently was promoted to president of the country's largest independent broker dealer. The hire of the E*TRADE Financial Corp. CFO to serve in the same role at LPL comes nearly three months after the surprise departure of former president Robert Moore. Mr. Audette, 41, replaces Mr. Arnold, 50, who had been CFO until he was asked to take the No. 2 slot that had been filled by Mr. Moore. (More: LPL Financial's Dan Arnold is managing amid complexity) Mr. Moore, once thought to be the heir to chief executive Mark S. Casady, moved to Legal & General Investment Management America, an institutional money manager, where he serves as CEO. Accountant Thomas D. Lux had been serving as acting CFO. In a statement, the firm said he was retiring after the transition. TURNAROUND ARTIST In its statement, LPL framed Mr. Audette's career as one of a turnaround artist. “In recent years, he helped orchestrate the firm's recovery — leading the company in its efforts to execute on a financial and capital plan,” LPL said. “His track record has garnered the commitment of shareholders, the respect of the industry, and praise from his peers and the media alike.” LPL Financial Holdings, parent company to broker-dealer LPL Financial, had discouraging financial results in 2014 due to a sharp increase in regulatory expenses. The company paid $36.3 million last year in regulatory charges, including fines and restitutions. (More: Recent fine may hasten LPL Financial's shift to fee compensation) The firm missed analysts estimates during two of four quarters last year, according to Thomson ONE Analytics, a data service. Mr. Audette started his career in the financial services practice at KPMG, the accounting giant. He joined the brokerage firm E*TRADE in 2000 after its acquisition of Telebank, an online bank where he worked, LPL said. Mr. Audette will be based out of LPL's San Diego office starting Sept. 28.

Latest News

Advisor moves: Raymond James lands $460M father-son team from Wells Fargo
Advisor moves: Raymond James lands $460M father-son team from Wells Fargo

Elsewhere, LPL recruits a $160M Edward Jones advisor in Alabama as William Blair opens a Dallas office with an ex-UBS wealth team

Schwab CEO says firm is blocking rogue AI agents from client accounts
Schwab CEO says firm is blocking rogue AI agents from client accounts

Rick Wurster says Schwab is shutting out unauthorized logins as agents like Meta's Muse, Instinct and OpenAI's Dots push into consumer finance

Schwab offers $4,800 credit to cover Claude enterprise seat cost for RIAs
Schwab offers $4,800 credit to cover Claude enterprise seat cost for RIAs

Schwab wants RIAs on Claude’s enterprise plan for its security controls, but most of its firms are too small to fill the 20-seat minimum

LPL Financial to miss 90% target on Commonwealth asset retention
LPL Financial to miss 90% target on Commonwealth asset retention

Looks like the LPL doubters were right all along.

RIA M&A ties second-best quarter as PE turns to minority stakes
RIA M&A ties second-best quarter as PE turns to minority stakes

Echelon Partners counted 125 wealth management deals in Q3 2026, with the quarter's biggest deal targets by assets selling minority stakes rather than getting swallowed.

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