LPL Financial has appointed Marc Cohen as managing director of business strategy and innovation, marking a strategic leadership shift at the wealth management firm.
In his expanded role, Cohen will oversee the firm’s corporate strategy, lead business line development, and manage affiliation strategies for independent advisors, large enterprises, and institutional channels. He also joins LPL’s management committee.
“Marc is an entrepreneur by nature whose innovative thinking has helped reimagine the strategic evolution of our firm, including how advisors and institutions scale their businesses with LPL as their partner,” said LPL Financial CEO Rich Steinmeier in a company statement.
Cohen’s promotion reflects LPL's ongoing commitment to supporting advisors through enhanced business models and innovative partnership structures. He originally joined LPL in 2018 from MarketCounsel, where he played a pivotal role in developing new advisor affiliation models. His expertise has been critical in expanding LPL’s service offerings, particularly in accommodating diverse advisor preferences through flexible partnership options.
LPL Financial, one of the largest wealth management firms in the country, supports over 28,000 financial advisors and manages approximately $1.7 trillion in brokerage and advisory assets. Its growth strategy has been driven by both acquisitions and aggressive recruiting efforts. Many of LPL’s advisors are independent contractors operating their own practices, while others partner through specialized affiliation models.
In recent years, LPL has broadened its advisor support ecosystem. This includes launching business units that cater to breakaway brokers—financial advisors leaving wirehouses to establish independent practices—and employee advisors seeking firm-backed infrastructure and compliance support.
For RIAs and wealth advisors, LPL’s evolving platform means more opportunities for scalable growth, operational efficiency, and expanded client service capabilities. Advisors can choose from a range of affiliation options, from fully independent models to integrated partnership frameworks designed to reduce administrative burdens while maximizing growth potential.
Cohen’s elevation comes amid broader leadership changes at LPL. In October, the firm terminated its former CEO Dan Arnold following internal code-of-conduct violations. The company did not disclose specifics but swiftly named Steinmeier, previously chief growth officer, as Arnold’s successor.
With Cohen now driving business strategy, RIAs and wealth advisors partnering with LPL can expect a continued emphasis on innovative growth solutions, tailored service models, and expanded market opportunities. His track record of forward-thinking strategy development positions LPL to further enhance its advisor-centric platform, solidifying its leadership in the wealth management industry.
