LPL hires senior exec from MarketCounsel with extensive knowledge of breakaway brokers

LPL hires senior exec from MarketCounsel with extensive knowledge of breakaway brokers
Marc Cohen, formerly COO at the business and compliance consulting firm, joins the IBD in a business development role.
DEC 14, 2018

LPL Financial has hired a senior industry executive with an extensive background in so-called breakaway brokers, meaning financial advisers at large Wall Street banks and wirehouses who leave those institutions and become independent registered investment advisers. Marc Cohen joined LPL on Wednesday and is senior vice president, strategic business development, and will focus on recruiting. He joined LPL from MarketCounsel, where he worked for over 12 years and most recently served as chief operating officer. Mr. Cohen declined to comment about his new role at LPL. Jeff Mochal, an LPL spokesman, wrote in an email: "We are excited to have someone with Marc's background and industry experience join LPL — he will be a great addition to our leadership team within business development." Mr. Mochal declined to comment further about Mr. Cohen's new role. MarketCounsel is a legal and consulting firm for registered investment advisers, breakaway brokers and firms across the financial advice industry. One recruiter saw LPL's hiring of Mr. Cohen as a way to focus on advisers considering leaving Wall Street. "I think it's a great move to bring in someone who can focus on the breakaway side of the business," said Jodie Papike, president of Cross-Search, a recruiting firm. "Most independent broker-dealers have not branded themselves in the right way either to keep brokers who want to start an independent RIA or tuck in people under RIAs that use the firm custodian. Most broker-dealers haven't been vocal enough about that second option."

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.