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

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management