LPL Monetary has promoted Marc Cohen, an government vice chairman and head of company technique, to managing director of enterprise technique and innovation. The transfer follows information in October that Rich Steinmeier would leave his managing director and chief growth officer role to serve as CEO, changing Dan Arnold, who was terminated for cause on Oct. 1.
Within the new position, Cohen will be a part of LPL’s administration committee and proceed to supervise company technique. He’ll even be chargeable for the agency’s enterprise line and affiliation technique for impartial advisors, massive enterprises and institutional channels. He additionally leads enterprise companies and the agency’s innovation lab.
“I’m grateful for the chance to proceed scaling our methods and exploring the progressive ways in which LPL can higher serve our shoppers to assist them embrace their very own entrepreneurial alternatives,” Cohen mentioned in a press release.
Cohen joined LPL in 2018 to construct out the agency’s premium affiliation model, dubbed Strategic Wealth Companies. LPL created the unit for advisors with over $200 million in AUM from wirehouses or regional full-service companies. The enterprise provides these advisors a shopper service mannequin meant to copy the form of assist many bought at full-service companies. That features transition recommendation, help onboarding shoppers, securing actual property, putting in know-how and establishing compliance and advertising and marketing packages.
“Revered for his stewardship of independence within the advisor-mediated market, Marc’s experience elevates the experiences we deliver to our shoppers in each stage of their enterprise and strengthens LPL’s management in wealth administration via differentiated options and progressive methods,” Steinmeier mentioned in a press release.
Final week, LPL entered into a settlement with Arnold, indicating he’ll retain about 48,000 inventory choices, with a complete worth of $12 million, after the agency fired him in early October for violating its respectful office insurance policies. That’s at a worth per share of $327.56 (the corporate’s inventory worth on the shut of Dec. 6).
Arnold’s remaining 98,432 inventory choices will likely be forfeited, whereas his non-solicitation and non-competition provisions stand via Sept. 30 of subsequent yr. Based on LPL, the worth of Arnold’s retained inventory choices is about 15% of the “combination whole worth of the severance advantages and fairness awards” he would have gotten if he’d been fired “with out trigger” or “for good purpose.”
