LPL's Mark Casady not turning his back on financial services industry

LPL's Mark Casady not turning his back on financial services industry
Mr. Casady will continue to work with Vestigo Ventures, a venture capital firm based in Cambridge, Mass.
JAN 03, 2017
LPL Financial's CEO and chairman Mark Casady will be retiring next month, but that doesn't mean he is turning his back on the financial services industry. If an announcement Thursday is any indication, Mr. Casady will be focused to some degree on the future of Vestigo Ventures, a venture capital firm based in Cambridge, Mass., that focuses on financial technology and is a stone's throw from the Massachusetts Institute of Technology. (MORE: LPL sued by Galvin over top producer's alleged variable annuity abuses) Mr. Casady is one of the founders of Vestigo, according to a press release on Thursday announcing an investment into a LifeYield, software firm that promises to improve after-tax returns across investors' multiple accounts. The amount Vestigo invested in LifeYield was not stated in the press release. According to an email sent to LPL's more than 14,000 advisers Monday morning, Mr. Casady, 56, will retire next month and will be replaced by the 51-year old Dan Arnold, currently the firm's president. Mr. Casady will remain as non-executive chairman until March. According to Vestigo's website, Mr. Casady is a general partner and advisory board chairman of the firm, which invests in early stage financial technology companies, targeting initial investment. Vestigo's 13-person advisory board includes Andy Putterman, a founder and CEO of Fortigent, a technology and research platform for financial advisers that LPL Financial acquired in 2012; and Darlene Deremer, the managing partner and head of advisory practice at Grail Partners, an investment bank that focuses on financial services. An LPL spokeswoman, Heather Carter, noted that Mr. Casady is an investor in Vestigo and was not involved in actively managing the fund's business.

Latest News

In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs
In this hi-tech world of finance, JPMorgan has an old school strategy to woo HNWs

Wealth management is a key focus for a new service tier.

5 best practices to brand your process & win more busines
5 best practices to brand your process & win more busines

Advisors can set their practice apart and win more business with a powerful graphic describing their unique business and value proposition.

Industry, financial experts sound off after DOL walks back crypto warning for 401(k)s
Industry, financial experts sound off after DOL walks back crypto warning for 401(k)s

The Labor Department's reversal from its 2022 guidance has drawn approval from crypto advocates – but fiduciaries must still mind their obligations.

Autopilot surges to $750M AUM, touts RIA growth as users copy Pelosi, Buffett trades
Autopilot surges to $750M AUM, touts RIA growth as users copy Pelosi, Buffett trades

With $750 million in assets and plans to hire a RIA Growth Lead, Autopilot is moving beyond retail to court advisors with separately managed accounts and integrations with RIA custodians such as Schwab and Fidelity.

RIA wrap: Former Procyon advisors launch Third View, ex-Rochdale CEO resurfaces in New York
RIA wrap: Former Procyon advisors launch Third View, ex-Rochdale CEO resurfaces in New York

Elsewhere on the East Coast, a Boca Raton-headquartered shop has acquired a fellow Florida-based RIA in "a natural evolution for both organizations."

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.