Deals & People January 27, 2010

RPAG Expands into Nonqualified Arena with New Hire

Retirement Plan Advisory Group (RPAG) has recruited David W. Stecher as national practice leader for Executive Benefits Consulting.
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The new hire at RPAG “signifies a strategic decision by management to expand its support of defined contribution plans by adding senior talent in nonqualified plans,” according to an announcement from the independent retirement plan adviser alliance.

Stecher will lead the executive benefits consulting practice and serve as the go-to resource on executive benefits for the 250-plus member firms within RPAG. The company said his primary focus is on total plan management and driving efficiencies for both plan sponsors and participants in four key areas: best practices in plan design; plan funding mechanisms and cost controls; education and communication; and integration of administrative services across the corporate technology platform.

“As the economy recovers, and demand for executive talent heats up, companies must offer more well-designed NQDCs to retain talent. We anticipate solid growth for our advisers in this specialty,” said Nick Della Vedova, president of RPAG, in the announcement.

Stecher has formerly served as an executive vice president with Retirement Capital Group and AXA Advisors, where he ran the West Coast operations. Earlier in his career, he served as tax and auditing accountant for KPMG Peat Marwick.

Deals & People January 27, 2010

LPL Names Bruton Head of Hybrid RIA Platform

LPL Financial Corporation said that Derek Bruton, executive vice president and national sales manager, has assumed oversight of the company's Hybrid RIA platform.
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The step expands Bruton’s role as national sales manager in Independent Advisor Services to encompass all business consulting and business development for independent advisers, as well as financial planning and registered investment advisory (RIA) services, according to an announcement from LPL Financial.

The company also named Trevor Norton as senior vice president, RIA Services and Financial Planning, with responsibility for day-to-day management and operations of the Hybrid RIA platform and financial planning offerings.  Norton, who will report to Bruton, most recently serving as the company’s senior vice president, RIA Program Management and Financial Planning.

LPL said it expects Bruton to build on the expansion of the company’s Hybrid RIA offering. First launched in late October 2008, the Hybrid RIA platform’s assets under management (AUM) had reached $7.3 billion as of year-end 2009, compared to AUM of approximately $1.3 billion in the beginning of last year (see “LPL Financial Introduces Platform for RIA and Hybrid Markets”). LPL attributes the growth to successful recruitment of wirehouse and large independent advisers with substantial fee- and commission-based business. At year-end 2009, there were 92 RIA firms on the company’s Hybrid RIA platform, representing an average of $80 million in AUM per firm, the firm reported.

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