RCAP Hires LPL Veteran Bill Dwyer

Adding to an already deep bench, RCAP has hired LPL veteran Bill Dwyer to head up distribution of its non-traded REITs and other products to independent BDs, RIAs, banks and other channels like wire houses. 

RCAP’s parent’s roots are on the product manufacturing side, which led them to work with various distribution channels like indy BDs. Along the way, Schorsch and company, including Mike Weil (who’s now CEO of RCAP) saw an opportunity to consolidate independent BDs. They have made 11 acquisitions in the past 12 months or so (including Cetera and First Allied), bringing their total number of reps to almost 10,000 — second only to LPL.

Dwyer spent 20+ years at LPL, eventually heading up all distribution — and will now be knocking on his former employer’s door to sell them products. Dwyer likens working with RCAP and Schorsch to the early days of his old firm, which was founded by world class entrepreneur Todd Robison. RCAP had previously hired Larry Roth, former leader of AIG’s BD network, to head up RCAP’s distribution BD but switched seats when RCAP started buying up independent BDs.

While integration of the 11 BDs will be the primary concern of Weil, Roth and Adam Antoniades (former head of First Allied who recently took over at Cetera for Valerie Brown), the question is how aggressive the firm will be on the retirement side. They pose a serious challenge to market leader LPL, who catapulted to the top among indy BDs when they acquired NRP and Bill Chetney aggressively built their business. With Chetney moving on to a more entrepreneurial role at LPL, there are more opportunities for other independents like RCAP, NFP and Commonwealth. 

RCAP’s size, market position and access to capital make them a real threat but, as it was for LPL before they acquired NRP (which gave them instant access to tools, high-level plan advisors and, most importantly, intellectual capital), size is only part of the equation. Though wealth management has traditionally been the headliner for most BDs, the savvy ones are beginning to realize that retirement planning, which was once the opening act, is now the big draw.