LPL names head of affiliated B-Ds

LPL has plucked Derek Bruton from a custodian that caters to RIAs to oversee its network of affiliated B-Ds.
OCT 16, 2007
Adding another layer of management, LPL Financial Services of San Diego and Boston has recently created a position to oversee its network of affiliated broker-dealers, and has plucked a top executive from a custodian that caters to registered investment advisers to fill that spot. On Monday, LPL said it had hired Derek Bruton to be chief executive of LPL’s affiliated broker-dealer group. Before joining LPL, Mr. Bruton was managing director and national sales manager of TD AMERITRADE Institutional since 2005. The firms in the new group include Mutual Service Corp. of West Palm Beach, Fla.; Waterstone Financial Group of Itasca, Ill., and Associated Financial Group of El Segundo, Calif. LPL acquired those firms from the Pacific Life Insurance Co. of Newport Beach, Calif. Earlier this year. John Dixon remains chairman of Mutual Service Corp., and each firm’s CEO will report to Mr. Bruton. He has his work cut out for him. Last week, LPL Financial Services and Pershing LLC of Jersey City, N.J., announced an agreement last week that signaled the impending shift of about 4,300 advisers and representatives from affiliated broker-dealers to LPL's workstation platform, BranchNet InvestmentNews, Oct. 9.. Mr. Bruton will be based in LPL’s San Diego office. He will oversee the growth and profitability of the LPL affiliated broker-dealers and the management of the firm’s acquisition strategy, the company said in a statement.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

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