In a stunning move, LPL’s Retirement Partner Group led by Bill Chetney has hired Paul Mahan, Commonwealth’s head of retirement, as SVP of retirement services. He will report directly to Chetney. It’s not yet clear what Mahan’s duties will be, but he will be moving his family to the San Diego area.
Commonwealth’s SVP of wealth management, Gavin Morrisey, will run the firm’s retirement group temporarily as they look for Mahan’s replacement. That person could come from within Commonwealth’s current staff, which includes Kathleen Roche, who is widely known and highly respected.
LPL has been on a recruiting tear over the last three years since its acquisition of NRP, as the hybrid indy BD model has grown quickly. LPL’s overall size and commitment to plan advisors in terms of support staff, resources and DC AUM is much larger than nearly all of its competitors. Commonwealth is one of the more viable options for advisors looking for a new home, which makes the Mahan hire all the more dramatic.
Mahan came to Commonwealth more than three years ago with a good reputation from stints at Pioneer and Putnam, taking over a group led by Amy Glynn (who hired Roche). Though much smaller than LPL, Commonwealth is well respected for wealth management, retirement and overall culture.
Other IBDs with significant DC support include NFP, which now includes leadership from RPAG, Financial Telesis and the independent divisions of Wells Fargo and Raymond James, all NAPA Firm Partners. LPL recently lost Greg Koleno to American Century and enjoys strong leadership under Chetney, including David Reich, Adam Sokolic and Doug Nolte. It’s not clear where Mahan fits in, but his hiring sends a strong message and deepens LPL’s commitment to the DC market.
Click here for a full list of DC-focused BDs and RIAs and here for a list of NAPA Firm Partners.
