LPL Financial Names James Shorris Executive Vice President and Associate Counsel for Regulatory and Compliance Policy

SAN DIEGO, Sept. 30, 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 James Shorris as executive vice president and associate counsel for regulatory and compliance policy, effective September 30, 2011.  He will be based out of Boston, dually reporting to Stephanie Brown, general counsel, and John McDermott, chief risk officer.

In his new roles both as member of LPL Financial's legal department and its government, risk and compliance (GRC) management team, Mr. Shorris will work to address regulatory inquiries and enforcement matters, as well as regulatory examinations.  He will also be responsible for evaluating GRC's supervisory policies, practices, and related business processes.  In addition, Mr. Shorris will assist with the firm's government relations strategy and efforts in Washington, D.C.

Mr. Shorris has 26 years of legal and financial services experience, most recently at the Financial Industry Regulatory Authority (FINRA), the largest independent regulator for securities firms doing business in the U.S.  At FINRA, he has served in multiple leadership positions over the past eight years, most recently as EVP, executive director, enforcement.  In this role, Mr. Shorris was responsible for the day-to-day operational management of the Enforcement Department, supervising cases involving mutual fund sales and distribution practices, variable annuity suitability, fixed income pricing, and anti-money laundering failures.  He also developed and implemented enforcement policy, supervised regional and home office investigative and litigation functions, coordinated with the SEC and other regulators, responded to congressional and Government Accountability Office (GAO) inquiries, and represented FINRA before the press, industry, and public.

Earlier in his career, Mr. Shorris provided legal counsel in a variety of senior leadership roles at Bingham McCutchen LLP, Allmerica Financial Corporation, and Tucker Anthony Incorporated.  He began his career as an assistant district attorney in New York City.

Commenting on the appointment, Stephanie Brown, general counsel of LPL Financial said, "We are delighted to welcome James Shorris to LPL Financial.  Jim's many years of high-level experience in the regulation of securities firms, coupled with his strong network of industry and governmental relationships, make him an invaluable addition to our legal and compliance teams.  We look forward to working together with him to secure the best possible services and outcomes for all parties: clients, advisors, and the firm alike."

John McDermott, chief risk officer of LPL Financial added, "Jim is a veteran in the financial industry whose years at FINRA have provided both direct regulatory experience and extensive knowledge of the supervisory and compliance challenges faced by securities firms.  Jim's hiring demonstrates LPL Financial's continued commitments, both to supporting the compliance needs of our clients, through our GRC core service offering, and to our own adherence to the highest standards of reporting and compliance as a public company."

Mr. Shorris earned a Juris Doctorate from Case Western Reserve University School of Law in Cleveland and a Bachelor of Arts, cum laude, in political science from Macalester College in St. Paul, MN.  He is FINRA Series 7 and 24 qualified and is a member of the bar in Massachusetts, New York, and Washington, D.C.

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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