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.
