Advisor Group broker-dealer gets new CEO

Derek Burke replacing Jerry Murphy as president of firm.
SEP 13, 2017

FSC Securities Corp. said on Wednesday morning that industry veteran Derek Burke was replacing Jerry Murphy as president and CEO of the firm. With about 1,000 financial advisers, FSC is one of the four broker-dealers that constitute the Advisor Group network. Mr. Murphy is leaving to become a partner at one of FSC's largest OSJs, or offices of supervisory jurisdiction, which operate like branches at independent broker-dealers, the company said. "As FSC gets ready to celebrate its 60th birthday in 2018, the firm will maintain the culture underlying its past successes, while also continuing to focus on innovation," said Advisor Group CEO Jamie Price, in a statement. A wirehouse veteran, Mr. Price became CEO of Advisor Group late last year. Mr. Burke was most recently president of independent broker-dealer Waddell & Reed Inc., which he left at the end of February, according to his BrokerCheck profile. FSC currently manages $37 billion in client assets.

Latest News

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SEC accuses S2A Modular founders of alleged $65 million investor fraud
SEC accuses S2A Modular founders of alleged $65 million investor fraud

Investors chose which factory to fund - the SEC says the money went elsewhere.

Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL
Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL

Ameriprise and LPL Financial for the past few years have engaged in a financial advice trade war.

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income