LPL Financial Announces Executive Appointments to Strategic Planning and Institution Services Positions

SAN DIEGO, Oct. 4, 2011 /PRNewswire/ -- LPL Financial, the nation's largest independent broker-dealer* and a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), today announced the appointment of two of its executives to new leadership roles, effective November 14, 2011.

Dan Arnold, managing director and currently president of Institution Services, the LPL Financial business unit that provides third-party investment and insurance services to more than 750 banks and credit unions nationwide, will move into a newly created position and expanded leadership role as head of strategy for LPL Financial.

Andy Kalbaugh, currently EVP of Business Consulting for LPL Financial's Independent Advisor Services business, is being promoted to managing director and will lead the Institution Services unit.

Commenting on Mr. Arnold's appointment as head of strategy, Esther Stearns, president and COO of LPL Financial said, "Dan has demonstrated the strength of his business leadership and strategic insight in the course of his nearly 20 years in our industry, which include both the time he has spent developing and implementing growth strategies for an important line of business at LPL Financial, and his prior experience as president and CEO of a broker/dealer.  In his new role, Dan will have the opportunity to leverage his experience for the benefit of the entire organization, as he works with our executive management on developing LPL Financial's long-term strategic plans, and to assess the important trends that are shaping our industry."

Regarding Mr. Kalbaugh's promotion to lead the firm's Institution Services business, Bill Dwyer, president of National Sales and Marketing for LPL Financial said, "After an extensive search, Andy was chosen to take on this critical role because of his proven capabilities and strengths in leading and growing businesses.  Andy's career in the investment industry broadly spans retail, operations, trading, sales management, and executive leadership – including ten years as a chief executive officer.  In his most recent role at LPL Financial's Independent Advisor Services division, Andy led a 40-person Business Consulting team as they consistently enhanced the level of relationship and practice management support provided to our top independent advisors."

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), is an independent broker-dealer. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,600 financial advisors and approximately 750 financial institutions. Additionally, LPL Financial supports over 4,000 financial advisors who are licensed with insurance companies with customized clearing, advisory platforms and technology solutions.  LPL Financial and its affiliates have approximately 2,700 employees with offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

Securities offered through LPL Financial. Member FINRA/SIPC

*Based on total revenues, Financial Planning magazine, June 1996-2011

LPLA-C

LPL Financial Media Contacts
Michael Herley
Kekst and Company
(212) 521-4897
[email protected]

SOURCE LPL Financial

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