San Diego-based LPL Financial, the country’s largest independent broker/dealer (set to grow further with its pending acquisition of Commonwealth), is deepening its leadership bench by creating a new tier of managers.
LPL announced that five leaders would be promoted to the managing director level, while five other current managing directors would become group managing directors. The decision represents a “new management level for the firm and demonstrates an acknowledgment of the broadening scope and impact of the firm’s leaders in a variety of functions,” according to a release.
“As the firm grows, the scope and impact of our executive management team grows along with it, offering an opportunity to empower more of our incredible leaders to guide the firm’s strategic direction and champion the culture we aspire to uphold,” LPL CEO Rich Steinmeier said in a statement.
It makes the move shortly after announcing the acquisition of Commonwealth, which would add about 2,900 independent advisors and $285 billion in client assets to LPL before attrition. That deal is slated to close in the second half of 2025.
The group being promoted to managing director and the new management layer are:
Christa Carone, chief marketing and communication officer, leading marketing, digital content and communication. She previously held roles with Fidelity Investments and Xerox.
Gary Carrai, chief product officer, responsible for LPL’s operating platform for advisor and institutional clients.
Brett Goodman, corporate development, treasury, and investor relations, leading M&A strategy and execution, acting as treasurer, and overseeing shareholder relations. Goodman had previously worked at Morgan Stanley and E*TRADE.
Scott Posner, business development, responsible for organic growth, including advisor recruiting, institutional sales, external liquidity and succession, and business transitions. He had previously worked in business services at IBM and held executive roles at BNY Mellon.
Brent Simonich, chief risk officer and head of business operations, leading risk, compliance and transformation teams. He also had previously worked at E*TRADE.
Going forward, LPL will review candidates to join the managing director ranks.
Meanwhile, the current managing directors being promoted to group managing directors are Althea Brown, chief legal officer and corporate secretary; Marc Cohen, director of business strategy and innovation; Matthew Enyedi, client success; Greg Gates, chief technology and information officer; and Aneri Jambusaria, wealth management.
Those executives will continue to serve on LPL’s leadership committee with CEO Steinmeier and President and CFO Matt Audette.