LPL names five new managing directors in exec shakeup

LPL Financial has 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 newly appointed managing directors are Christa Carone, Gary Carrai, Brett Goodman, Scott Posner and Brent Simonich. Each had previously served as executive vice presidents within the organization.

Their promotions are part of a broader strategy to strengthen executive oversight across key business lines as the company scales.

“This new layer of leadership recognizes the increasing influence of our top executives across the firm and the industry,” Rich Steinmeier, chief executive officer of LPL Financial, said in a statement. “Each of these exceptional leaders embodies our corporate values and has demonstrated influence across the firm and the broader industry in their respective areas of expertise.”

Carone now serves as managing director and chief marketing and communication officer. She leads brand strategy, digital content initiatives, and outreach across LPL’s core audiences. Her prior experience includes senior roles at Fidelity Investments and Xerox.

Carrai, the new managing director and chief product officer, heads LPL’s technology product teams, overseeing the development of its advisor and institutional platforms. He has also led business units across the firm’s wealth management and advisory lines.

Goodman has taken on the role of managing director overseeing corporate development, treasury, and investor relations. His background includes time at Morgan Stanley and E*TRADE, and he currently leads LPL’s M&A activity, capital planning, and shareholder engagement.

Posner now leads business development at the managing director level, with responsibility for advisor recruiting, institutional sales, and transition services. Before joining LPL, he held executive roles at IBM and BNY Mellon.

Finally, Simonich, managing director and chief risk officer, continues to oversee risk, compliance, and operations. Prior to joining LPL, he was chief risk officer at E*TRADE.

In tandem with these promotions, five existing managing directors – Althea Brown, Marc Cohen, Matthew Enyedi, Greg Gates, and Aneri Jambusaria – have been named group managing directors. They remain members of the firm’s management committee, along with Steinmeier and president and CFO Matt Audette.

The announcement follows a series of significant moves by LPL in 2025 so far.

Earlier this month, LPL hired Vaughn Harvey, an industry veteran whose professional background includes stints at JPMorgan and Morgan Stanley, as executive vice president and chief data and artificial intelligence officer to lead its AI strategy.

The firm has also captured headlines over the past several weeks with a deal to acquire Commonwealth Financial Network for $2.7 billion. That blockbuster purchase, an integration of two major organizations some would say have clashing cultures, has sparked a full-on war for advisors, featuring rival broker-dealers floating competing recruitment offers and Fidelity reportedly working with RIA clients in an effort to retain advisor assets in custody.

This month also saw LPL entering a strategic partnership with First Horizon Bank, bringing 110 financial advisors and $16 billion in assets under its institutional platform.

Prior to the April frenzy, LPL filed an S-3 registration statement with the Securities and Exchange Commission in March, seeking to raise up to $4 billion in capital for general corporate purposes.