The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Casady Pivots the LPL Paddleboard to Growth Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 27, 2015

Casady Pivots the LPL Paddleboard to Growth

Reported by Neil Anderson, Managing Editor

Two and a half years into what he calls a "significant change agenda," Mark Casady says it's time for LPL to "pivot to growth."

Mark Casady
LPL Financial
Chairman, CEO
Casady, chairman and CEO of the giant independent broker-dealer, shared that vision this morning in his opening remarks at LPL's 2015 Focus conference, with about 7,000 (including a record 4,000-plus FAs) in attendance at the Boston Convention and Exhibition Center. Casady likens LPL to being in the "messy middle" of these big changes, and he describes the last two and a half years as the indie B-D equivalent of starting out your paddleboard ride by turning into the wind. Now, he says, LPL is turning again.

"You can feel the wind at your back," Casady says. "That is what I feel at LPL, that same turn."

Casady's drive for simplicity has focused on three areas: technology, risk management and compliance, and service. On the tech side, Casady reveals that LPL has spent "nearly $100 million ... building new data centers, replacing old hardware and software," data protection, and more. The LPL building in San Diego is net zero in terms of energy use, and the new one in Charlotte will be net zero in terms of water use. The pace of technological investment is so fast, Casady says, that LPL's advisors sometimes don't even know the half of it.

"About half the time, somebody tells me about something they want, and we already have it," Casady says.

LPL has also doubled its risk management and compliance staff, Casady says, and now they're often "calling to defend you in advance", to make sure documentation and such is done, instead of calling after something has already gone wrong. LPL is "getting close to the end," both with policy changes and with significant enforcement actions, Casady says.

He also called on LPL FAs to help in winning regulatory change fights, pointing to things like the DoL's proposed fiduciary regulation.

The final area Casady focused his remarks on was service.

"We've added lots of staff, almost tripled the hours of training," Casady says, acknowledging that the quality and length of service calls is a "big area of feedback."

Casady began and ended his remarks by tying in a quote (from former U.S. Army Chief of Staff Eric Shinseki): "If you don't like change, you're going to like irrelevance even less." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF webinar - Lessons Learned from the Regional Bank Volatility and the Impact on Registered Funds, June 18
  2. IMEA webinar - Snapshot on the Talent Landscape, June 18
  3. 2024 MMI National Accounts Roundable, June 18
  4. MMI webinar - RIA Consolidators: The New Key Accounts?, June 20
  5. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20
  6. MMI webinar - DoL Fiduciary Rule Update: What Are the Implications?, June 21
  7. WE Chicago - Pre-Morningstar Conference reception, June 25
  8. Celebrating 100 Years of the Mutual Fund, June 25
  9. New York YPEM Cornhole Classic, June 25
  10. Morningstar Investment Conference Conference 2024, Jun 26-27
  11. 2024 MMI Institutional Roundtable, June 26
  12. WE PNW Seattle - Pickleball and Networking, June 27
  13. Celebrating 100 Years of the Mutual Fund, July 11
  14. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 16
  15. MFDF Director Discussion Series - Open Forum via Zoom, July 17
  16. MFDF Director Discussion Series - Open Forum (New York), July 23
  17. IMEA Portfolio Construction Roundtable, September 19
  18. MFDF Continuing Regulatory Impacts on Fund Boards program, October 15
  19. 2024 MMI Annual Conference, Oct 15-17
  20. IMEA Philanthropic Day, October 22
  21. IMEA Leadership Summit, October 23
  22. IMEA Star Awards Celebration, October 23
  23. IMEA Marketing Summit, October 24
  24. 5th Annual ETFGI Global ETFs Insight Summit, October 29
  25. MFDF Director Discussion Series - Open Forum (Denver), November 6
  26. MFDF webinar - Digital Assets in the Fund Space (part 2 of 2), November 7

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use