LPL Financial Announces Realignment of Executive Responsibilities

Mark Casady, chairman and CEO of LPL Financial LLC, the nation's largest independent broker-dealer* and a wholly owned subsidiary of LPL Investment Holdings Inc. LPLA, today announced several actions designed to better align management responsibilities to the changing needs of financial advisors and institutions, and to the dynamic growth opportunities available in the marketplace for financial services: Reflecting his increasing responsibilities and the depth and breadth of his engagement with the Company, Robert Moore has been named president and COO for LPL Financial effective May 1. Mr. Moore will remain CFO as the Company undertakes a thorough executive search process to fill the role. Esther Stearns has been named CEO of a new LPL subsidiary, "LPL New Venture," and will be stepping down from her current role as president and COO of LPL Financial, effective May 1. LPL New Venture will provide a compelling set of services to advisors who are new to the industry and who are dedicated to serving the mass market, which the Company believes is currently underserved by professional financial advice. Bill Dwyer's role as president, national sales, has been expanded to include oversight of the firm's sponsor relations function. Mr. Dwyer will continue to be responsible for all aspects of Independent Advisor Services and Institution Services business development, including attracting new financial advisors and institutions to the firm, as well as retaining and promoting the growth of existing business through oversight of key resources such as business consulting, advisor-facing technology, business engineering, and sponsor relations. The Company's Executive Management Committee (EMC) is chaired by Mr. Casady and is responsible for guiding the firm's strategy, financial performance, and operational direction. To streamline the communication process across the executive leadership team and throughout the firm, the EMC will now include representation from each major business unit of the firm.