BlackRock bags another LPL exec to beef up its DC biz

BlackRock bags another LPL exec to beef up its DC biz
Asset manager hires Robert Francis, former COO at B-D's retirement unit
MAR 18, 2011
In a bid to expand its adviser-sold defined-contribution business, BlackRock Inc. is tapping former executives of a retirement-focused broker-dealer that LPL Investment Holdings Inc. bought last year. The giant asset management firm has hired Robert L Francis, the former chief operating officer at broker-dealer National Retirement Partners Inc., as its managing director in the defined-contribution group, a new position. In this role, Mr. Francis will report to Tom Skrobe, managing director and head of distribution for the defined-contribution business at BlackRock, said Chip Castille, head of the DC business at the firm. Mr. Francis' hire comes a few months after BlackRock also tapped Dick Darian, a former executive vice president at NRP, to be a director in its defined-contribution unit. LPL bought NRP last year and renamed the unit LPL Financial Retirement Partners. BlackRock has more than doubled its 70-person defined-contribution group over the past 18 months, Mr. Castille said. The asset manager has a strong presence among large DC plans but is now making a more concerted push to target advisers who tend to service small to midsize 401(k) plans, Mr. Castille said. “Our defined-contribution group delivers all the products we have into the DC channel,” Mr. Castille said. He declined to comment on sales goals for the business. BlackRock has $300 billion in assets under management in its defined-contribution business. To gain traction among advisers who exclusively service defined-contribution plans, BlackRock has launched a practice management program, dubbed the DC Leaders Circle. Through the program, a select group of advisers who work only with defined-contribution plans will have access to BlackRock's customized marketing pieces, research, regulatory updates and a “concierge service” that they can call with questions, Mr. Castille said. BlackRock unveiled the program in San Francisco this week for a group of advisers and will do the same in New York next week.

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.