In a surprise move, LPL Investment Holdings No. 2 executive, Robert Moore, is leaving the firm.
Mr. Moore, who as LPL's president was widely considered to be the heir to chief executive Mark Casady, will join Legal & General Investment Management America, an institutional money manager,as CEO.
Mr. Moore
will be replaced by Dan Arnold, LPL's chief financial officer effective March 13.
LPL confirmed Mr. Moore's departure in a press release Tuesday afternoon.
“We thank Robert for his contributions to LPL and congratulate him on his new role,” said Mr. Casady, in a statement. “Leading LGIMA is an exceptional opportunity for Robert and we know he will remain a passionate advocate and friend of LPL. We wish him all the best.”
Prior to becoming CFO for LPL, Mr. Arnold was managing director, head of strategy, for the firm. Previously, Mr. Arnold was the divisional president of LPL's Institution Services business, which works with bank brokers.
Tom Lux was named acting chief financial officer.
LPL has seen a large number of its high ranking executives leave the firm in the past two years. Its chief market strategist, Jeffrey Kleintop,
resigned in August to join Charles Schwab Corp. 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 nation's largest independent broker-dealer, resigned in 2013.
“This is a surprise,” said Frank Congemi, an LPL adviser. “He was one of the few people I could go to, with confidence, in the company with a problem and know it would be handled. It's another black eye for the firm.”
As of 5:15 p.m. New York time, LPL had not directly informed its advisers of the moves, according to Mr. Congemi.
Financial advice industry website RIABiz first reported news of Mr. Moore's departure.
