End of an era: LPL’s longtime advisor support chief to retire

The top executive in charge of advisor growth, support and retention at the nation’s largest independent broker-dealer is retiring next year.

Andy Kalbaugh, who had served as LPL’s divisional president of national sales and consulting, will step down in March 2021, the firm said on Aug. 14. Kalbaugh made the announcement just before LPL’s annual Focus conference, which is virtual this year. Kalbaugh plays a crucial role keeping fiercely independent small business owners happy.

During Kalbaugh’s tenure after joining LPL in 2007 under its acquisition of Mutual Service Corporation, the firm’s headcount has expanded by 5,884 financial advisors, or 53%. The firm fields nearly 17,000 reps in total.

Like the retirement of former Head of Business Development Bill Morrissey in 2018, Kalbaugh’s impending departure represents the end of an era. Kalbaugh, 57, issued a statement on the move.

“I’m fortunate to come to work every day for a company and job I love, supporting our advisors and institutions in the noble work they do to help millions of American families achieve their financial dreams,” he said. “The timing is never perfect for retirement, but I’m content knowing the firm is in good hands, and in great shape to grow and prosper moving forward.”

Kalbaugh had worked at two other firms before finding a home at LPL. He served as executive vice president of business consulting for the firm’s Independent Advisor Services unit before his promotion in 2011. Known for a receptive and friendly personality, Kalbaugh often spoke of how much he loved the job of working with the firm’s representatives and their staff.

LPL Financial

LPL advisors have reported much higher satisfaction with the firm’s approach to service in recent years after some frustration in the ranks related to technology and the sheer size of the company.

Kalbaugh’s decision to remain in the role until the end of the first quarter next year will enable LPL to conduct an external search for his replacement, according to CEO Dan Arnold.

“We’ll use the next several months to conduct a thoughtful search for a new senior leader, and Andy has agreed to stay on to help ensure a smooth transition,” Arnold said. “We wish Andy the very best on the next leg of his personal journey.”