Another veteran recruiter has walked out the door at LPL Financial, with veteran David Symecko last week moving to Fidelity Clearing and Custody Solutions.
LPL has long been considered an industry powerhouse when it comes to recruiting and has a huge operation with between 50 and 80 internal and external recruiters beating the bushes for financial advisers.
With LPL since 2002, Mr. Symecko most recently was senior vice president, business development, institutional West. According to his LinkedIn profile, his new title is vice president sales at Fidelity Institutional Wealth Service.
The fact that Mr. Symecko is now working at a custodian and not another broker-dealer should not be a surprise, said one industry recruiter.
"Fidelity is making a big push to recruit or capture advisers who are breaking away and becoming an RIA," said Jodie Papike, president of Cross-Search, a recruiting firm. "They are also trying to recruit advisers who are moving from custodian to custodian, as well as advisers tucking in under an existing RIA."
Mr. Symecko did not respond to a message on LinkedIn to comment. A spokesperson for Fidelity, Nicole Abbott, declined to comment.
A spokesman for LPL, Jeff Mochal, did not comment.
LPL has seen several recruiters move to competitors recently. Ameriprise Financial Inc. last month
snagged two recruiters from LPL who are working at a related firm that focuses on the market for independent reps operating in banks and credit unions. In May,
InvestmentNews
reported that 11 recruiters had left in a little under a year and a half.
The former head of the LPL's recruiting unit, Bill Morrissey,
said in June he was retiring and was replaced by Richard Steinmeier, a wirehouse veteran.
