Derek Bruton, a senior executive formerly with LPL Financial who abruptly resigned under a cloud in 2014, is now registered with Oppenheimer & Co. Inc., a New York brokerage that recently cut ties with some brokers who posed compliance risks.
According to Mr. Bruton's
BrokerCheck profile, he joined Oppenheimer sometime this month after departing Lucia Securities in August. He was CEO of Lucia Capital Group.
According to his LinkedIn profile, Mr. Bruton is a managing director with Oppenheimer.
Mr. Bruton did not respond to an email message Monday afternoon to comment. A spokeswoman for Oppenheimer, Jacqui Emerson, also did not respond to a call asking about Mr. Bruton's status at Oppenheimer.
Mr. Bruton
resigned suddenly from LPL Financial in April 2014, where he was in charge of independent adviser services.
LPL “permitted (Mr.) Bruton to resign, effective immediately, in light of the company's concerns about Mr. Bruton's interactions with other employees,” the company said in a filing at the time with the Securities and Exchange Commission.
At the end of October 2015, Oppenheimer had 1,262 advisers. It now has 1,177 brokers, a decline of close to 7% over the 12 months ended in October.
Oppenheimer has been cutting less productive advisers along with those who could cause problems for the company.
In its quarterly earnings report from last month, the company stated: “The decline in financial adviser headcount has been a result of the company's attention to productivity and compliance leading to attrition for less productive financial advisers and the elimination of financial advisers who could lead to future compliance-related issues. The decline in headcount has been also related to retirements and normal attrition.”
