LPL recruits another exec from a rival

LPL Financial of Boston and San Diego has snagged yet another executive from a rival to head up a business group, this time landing a Smith Barney veteran to lead its wealth management and trust services. This morning, LPL, the largest independent-contractor broker-dealer, said it had hired Christopher Poch as executive vice president, wealth management, and chief executive of its trust group, The Private Trust Co. Mr. Poch most recently worked as managing director of Smith Barney’s private wealth management group of New York. Ever since it was acquired by two private-equity funds in 2005, LPL has recruited heavily from leading financial services competitors to fill instrumental executive positions. Mr. Poch will report to Bill Dwyer, president of LPL’s independent advisor services group. Mr. Poch will be responsible for overseeing the development and expansion of LPL’s wealth management capabilities.