Mark Casady, who, as former CEO of LPL Financial Holdings in 2010, oversaw one of the most successful IPOs in recent memory of a financial advice firm. Casady remains focused artificial intelligence tools for financial advisors and this week said he had taken the role of executive chair at FMG, a digital marketing company that works with financial advisors and insurance agents.
On his LinkedIn profile page, he describes his position at FMG as “Helping advisors and agents create growth and efficiency in their practices by bringing AI and my network to assist the FMG team.” Casady could not be reached Thursday to comment.
It is the second AI-focused business that Casady, the general partner of financial technology investment firm Vestigo Ventures, has focused on in less than a year. He joined the board of Domify AI last November, and over the summer it was reported Vestigo invested in Savvy Wealth’s series B fund raising, with Casady taking a seat on that firm’s board as well.
Casady joined LPL Financial in 2002 and was its CEO from 2005 to early 2017 when he retired and founded Vestigo Ventures, an early stage venture capital firm focused on fintech. LPL's stock listed on the NASDAQ in November 2010 and its IPO price was $30 per share. Almost 15 years later, shares of LPL Financial Holdings, with the ticker symbol LPLA, were trading slightly north of $343 Thursday afternoon.
Critics of some wealth management and fintech startups in the past have noted that senior, experienced executives like Casady are left out of senior roles, to the detriment of the firm. But the infusion of private equity capital means there is capital available to compensate such senior executives who have years of experience working with financial advisors.
“I'm thrilled to join FMG as executive chairman during such a pivotal time for innovation in wealth management," Casady said in a press release. "Throughout my career, I've been focused on helping financial advisors deliver smarter, more efficient ways to serve their clients and build lasting financial freedom.”
“This includes witnessing the transformative impact of AI in financial services, which I believe will be key to future growth,” he said. “I've known FMG for years, and its platform presents an exceptional opportunity to advance that mission and empower the next generation of agents and advisors to thrive.”
Proposition 40 wealth tax could raise $30 billion, not $100 billion, as departures erode the base and voters remain split
Jump is piping FMG marketing content into post-meeting workflows as Zocks opens its platform to more than 32,000 LPL financial advisors
Trevor Uhls pleaded guilty to one count of wire fraud and one count of money laundering.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other.
Meanwhile, Wealthspire's Ground Control business picks up a $1B private wealth firm in London, and Modern Wealth deepens its presence in California.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
