LPL Financial, the nation’s largest independent broker-dealer, announced that Jim McHale, formerly with Wells Fargo, has been named executive vice president and chief compliance officer.
LPL says McHale will help “drive a strong risk management culture in an ever-evolving regulatory environment.” He reports to executive vice president and chief risk officer Brent Simonich.
McHale is responsible for designing and maintaining LPL’s regulatory compliance program, helping the business manage and mitigate risk, and enhancing the control environment, with a focus on practical, common-sense solutions.
“Jim is a respected professional in compliance and risk management, with extensive financial services and regulatory experience and a strong record for building effective and efficient risk management routines and governance. His experiences in the industry and deep understanding of the compliance landscape positions our team well to help advisors protect their practices and enable their growth,” said Simonich. “His leadership in regulatory compliance risk, control design, and pragmatism will be key as we continue to prioritize advocacy on behalf of our clients.”
McHale served as Wells Fargo’s executive vice president and head of compliance for the Wealth and Investment Management Division. He has held various legal and compliance roles over the course of his career, including as global head of brokerage compliance at E*TRADE Financial Corporation, managing director and associate general counsel at SIFMA, and serving on staff of the Securities and Exchange Commission’s Division of Trading and Markets.
McHale holds a juris doctor from the University of South Carolina School of Law and a bachelor’s degree in business administration from the University of South Carolina.
LPL also announced that Jerry Madden has joined the firm’s broker-dealer, registered investment advisor and custodial platforms. He reported having served approximately $140 million in advisory, brokerage and retirement plan assets and joins LPL from Cetera.
Located in Paramus, New Jersey, Madden has more than two decades of experience in the financial services industry.
“It’s important to me that my clients are able to take an active role in planning their fiscal futures, and having a basic financial education is a big part of that,” Madden said. “I spend time understanding my clients’ overall risk tolerance, allocation and time horizon to make sure they match, then I work with them to understand the products and services I offer to help them reach their financial goals.”
LPL supports approximately 22,000 financial advisers, 1,100 institution-based investment programs and 560 independent registered investment advisor firms nationwide.