LPL losing another top member of investment management team

LPL Financial is losing another key member of its investment management roster. Scott Welch, co-founder and chief investment officer of high-net-worth adviser and consultant Fortigent, will leave the firm. Fortigent is a wholly owned subsidiary of LPL Investment Holdings Inc. Word of Mr. Welch's departure from Fortigent comes on the heels of the resignation earlier this month of LPL's chief market strategist Jeffrey Kleintop, who accepted a post on the international investment team at Charles Schwab Corp. In June, another top executive on LPL's investment management team, John Guthery, resigned as senior vice president of research to become senior vice president of the product management group at W. P. Carey Inc., a traded real estate investment trust and sponsor and manager of nontraded REITs. “We thank Jeffrey and Scott for being invaluable resources to our clients, and we wish them both well in their future endeavors,” LPL chief investment officer Burt White said in a statement. Fortigent has $1.96 billion in assets under management and 1,705 client accounts, according to its Form ADV. Fortigent also provides advisory support services including performance reporting, investment research and practice management to other investment advisers. In a news release from last year, Fortigent said its clients, consisting of financial advisers and institutions, currently manage and serve approximately $70 billion through Fortigent's various offerings. LPL Financial acquired Fortigent in 2012. At the time, LPL said the combination of Fortigent and LPL extended their reach into the high-net-worth marketplace. Mr. Welch is the latest in a string of high-profile or well-regarded executives departing from LPL. LPL's chief marketing officer, Joan Khoury, is stepping down at the end of the month. Meanwhile, Derek Bruton, the popular managing director for independent adviser services, resigned suddenly in April. And Bill Dwyer, the former president of national sales and a key figure in turning LPL into the largest independent broker-dealer, resigned last year.