LPL Picks Up Merrill Exec, Shuffles Leadership

What You Need to Know

LPL has named new leaders to the groups formerly led by Burt White and Andy Kalbaugh.
Kabir Sethi, managing director and head of digital wealth management at Merrill Lynch, has been named LPL managing director and chief product officer.
Matt Enyedi, managing director of LPL Business Solutions, will shift to managing director of National Sales and Marketing.

LPL Financial on Monday announced leadership changes to its Management Committee taking effect May 2 that include the addition of Kabir Sethi, currently managing director and head of digital wealth management at Merrill Lynch, as managing director and chief product officer.

“Best move LPL has made in years. They just landed one of the top wealth technology minds of our time!” tweeted Doug Fritz, head of consultancy F2 Strategy early Tuesday about Sethi’s hiring.

Sethi, who will assume many responsibilities previously handled by former LPL executive Burt White, was with Merrill since 2004 and served in a variety of roles, including his current positions since August 2016, according to his LinkedIn profile. Earlier at Bank of America, Sethi was responsible for its Consumer Banking digital platforms and capabilities, LPL noted.

He will direct LPL’s technology capabilities and wealth management platforms and “lead product strategy, development and management to drive innovative, high-quality products that will benefit LPL advisors, RIAs and institutions,” the firm said.

Sethi will report to LPL CEO and President Dan Arnold.

Enyedi Promotion

Meanwhile, Matt Enyedi, currently managing director of LPL Business Solutions, will move from that division to serve as managing director of the organization once led by Andy Kalbaugh, also effective May 2.

Enyedi started his career as a financial advisor and “understands the unique needs and perspectives of our clients,” LPL said. He joined LPL in 2003, serving in various roles over the years.

As managing director, LPL Business Solutions, Enyedi has been responsible for developing and deploying a suite of professional services to support advisors as business owners. He previously was executive vice president, National Sales, where he led the firm’s data analytics and business intelligence efforts, and “oversaw a team focused on providing capabilities to help advisors grow their businesses and reach new segments of clients,” the firm said.