LPL's chief market strategist resigns

LPL Financial is facing more turnover at the top, this time among its team of investment management professionals. LPL's chief market strategist, Jeffrey Kleintop, quietly resigned earlier this month to accept a post on the international investment team at The Charles Schwab Corp. Mr. Kleintop had been with LPL for close to eight years. Another top executive on LPL's investment management team, former senior vice president of research John Guthery, resigned in June to become senior vice president of the product management group at W.P. Carey Inc., a sponsor and investment manager of nontraded real estate trusts. At LPL, where he worked for 19 years, Mr. Guthery also focused on due diligence. LPL has seen a number of top executives leave — or announce plans to leave — the firm. 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. Turnover among top LPL executives is unrelated, said Burt White, chief investment officer and managing director at LPL. “Our firm is growing,” he said, noting that LPL's executive ranks is “as deep and as broad as it's ever been.” Since joining LPL seven years ago, Mr. White said he has never had to hire a replacement for a member of his investment team. In fact, Mr. White stressed that team is growing, with 12 new professionals added to LPL after being integrated from one of its recent acquisitions, Fortigent, a wealth management firm. Mr. Guthery's role will be replaced internally while LPL is searching for a new chief market strategist to replace Mr. Kleintop. “We're going to be very selective” in making that hire, said Mr. White in an interview at LPL's annual meeting in San Diego on Tuesday. Both Mr. Kleintop and Mr. Guthery “are moving on to new opportunities, and I'm excited for them,” Mr. White said.