LPL Financial is losing two senior executives to competitors just as the year draws to a close. James T. McHale, who joined the firm in 2023 as executive vice president and chief compliance officer, is departing to become chief risk and governance officer at &Partners, a wealth management startup backed by former Wells Fargo Advisors executives. Kate Winters, who served as senior vice president of Investment Products & Strategic Partners, is moving to AssetMark as head of investment platforms and solutions.
&Partners, founded in 2023 and led by CEO David Kowach, a former head of Wells Fargo Advisors, announced McHale's appointment on Wednesday. Kowach praised McHale's experience in managing risk at large financial institutions, noting that his arrival reflects the firm's growth ambitions. McHale previously spent time at Wells Fargo Advisors before joining LPL.
AssetMark confirmed Winters' hire on Thursday morning. In her new role, she will focus on expanding AssetMark's offerings across RIAs, high-net-worth clients, private markets, and other growth areas. Winters joined LPL in 2017 from MassMutual, bringing a background in investment products and strategic partnerships.
LPL Financial, which works with more than 30,000 advisors, is the largest independent broker-dealer in the U.S. The departures come as the firm integrates advisors from its acquisition of Commonwealth Financial Network, a deal that closed earlier this year. LPL has named Mike Conley as interim chief compliance officer while it searches for a permanent replacement for McHale. The firm is also looking to fill Winters' former position.
The moves highlight the ongoing churn of senior talent in the wealth management industry, where executives often cycle between large platforms and emerging competitors. LPL has historically been a proving ground for leadership, with several former executives going on to lead other firms. For example, Rich Steinmeier, now CEO of LPL Financial Holdings, previously headed advisor recruiting at the firm, and Bill Dwyer, executive chairman at Praxis Solutions, also held that role.
LPL's recruiting engine remains a key focus. Last month, the firm named Ken Hullings, a veteran insider, as head of recruiting, a role that has often served as a springboard to higher leadership. Hullings will oversee efforts to attract advisors, particularly those from Commonwealth, as LPL seeks to maintain its growth trajectory.
The departures come at a time when competition for experienced executives is intense, with firms like wealthtech firms adding senior leaders to drive innovation. The broader trend of billion-dollar RIA deals and large asset additions underscores the dynamic environment.
LPL's ability to fill these roles will be closely watched, as the firm navigates the integration of Commonwealth advisors and faces pressure from rivals like RBC and other firms making senior hires. The company has not indicated a timeline for permanent appointments.
