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LPL Financial Appoints Dan Arnold President

SAN DIEGO, March 3, 2015 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer*, a custodian for registered investment advisors (RIAs), and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today announced that it has named current chief financial officer Dan Arnold to the role of president effective March 13. Arnold will replace Robert Moore, current president of LPL, who has accepted the position of CEO of Legal & General Investment Management America.

"We thank Robert for his contributions to LPL and congratulate him on his new role," said Mark Casady, chairman and chief executive officer of LPL. "Leading LGIMA is an exceptional opportunity for Robert and we know he will remain a passionate advocate and friend of LPL. We wish him all the best."

Casady continued: "With change comes opportunity. I am excited that Dan has accepted the role of president. Along with the fiscal discipline that comes from having been CFO, Dan has many years of experience driving revenue growth through a combination of sales, marketing and business development leadership roles. He brings an entrepreneurial mindset that will help us continue to support the success of our advisors and institutions."

Prior to becoming CFO for LPL, Arnold served as managing director, head of strategy for the firm. Previously, Arnold served as divisional president of LPL's Institution Services business, a distinction he earned after 12 years of leading UVEST, a broker dealer that was acquired by LPL in 2007.

"I look forward to the opportunity to work more closely with the advisors and institutions we serve as we further our mission of providing independent advice," said Arnold. "We have an outstanding group of over 14,000 advisors and continuing to provide them with the high level of service they are accustomed to remains our top priority."

With Arnold's appointment to president, Tom Lux has been named acting chief financial officer while LPL conducts a search for a new CFO. Lux joined LPL in 2009, holding several positions in LPL's finance organization, including executive vice president and chief accounting officer. With 30 years of accounting experience, Lux has held leadership roles with National Financial Services, Wachovia Securities, Everen Securities and Deloitte and Touche.

In addition, LPL also announced that it has promoted Andy Kalbaugh and Bill Morrissey to the positions of divisional presidents for Institution Services and Independent Advisor Services, respectively, in recognition of their leadership in the firm and the role they play in setting the strategic direction of their respective business units. Kalbaugh and Morrissey will report to Arnold.

Casady concluded: "This transition illustrates something that I have long known to be true, which is the depth and quality of our management team has never been stronger. I am confident we have the right talent in place at the right time for our business."

*Based on total revenues, Financial Planning magazine, June 1996-2014

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is a leader in the financial advice market and serves $475 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions. LPL Financial is the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2014), is one of the fastest growing RIA custodians with $91 billion in retail assets served, as of Dec. 31, 2014, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $115 billion in retirement plan assets served. In addition, LPL Financial supports approximately 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,384 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial. A registered investment advisor, member FINRA/SIPC.

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CONTACT: Media Contact: Brett J. Weinberg Tel: 980-321-1904 Mobile: 980-329-0678 Brett.Weinberg@lpl.com

Source:LPL Financial