LPL Financial Hires Bill Sappington as Executive Vice President, Banking and Lending Solutions

Rhea-AI Summary

LPL Financial LLC has appointed Bill Sappington as the new executive vice president of Banking and Lending Solutions. In this role, Sappington will spearhead the development of LPL's banking and lending strategies, reporting directly to Kabir Sethi, the Chief Product Officer. With over 30 years of experience, including leadership positions at City National Bank and BNY Mellon, Sappington aims to enhance client services and innovate product offerings. His appointment is expected to drive growth and add value to LPL's banking initiatives.

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• Bill Sappington brings over 30 years of experience in banking and wealth management, which can enhance LPL's strategic focus.
• Sappington's expertise in product innovation and client solutions is expected to drive revenue growth and improve service delivery.

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SAN DIEGO, July 15, 2022 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that Bill Sappington joined the firm as executive vice president, Banking and Lending Solutions. Sappington will lead the firm’s banking and lending solutions, developing and executing a strategy to deliver an industry-leading offering to LPL's advisors and clients. He will report to Kabir Sethi, LPL managing director and Chief Product Officer.

“Bill is a creative global banking leader with a demonstrated ability to grow revenues while maintaining a strategic focus on client solutions, product innovation, and enhanced client service models,” Sethi said. “Bill’s deep expertise in building global banking businesses and wealth management will help LPL deliver near-term value and a long-term vision to growing LPL’s banking and lending business. We welcome him to the team.”

Sappington has more than 30 years of experience and most recently served as the head of wealth management and private banking for City National Bank. Prior to that, Sappington was the head of private banking for BNY Mellon. During his time at BNY Mellon, he introduced banking and lending capabilities to the independent advisors of Pershing Advisor Solutions and Pershing LLC, and built a centralized service model, the Private Banking Concierges Group.

Sappington also led the development of the Merrill Lynch Loan Management Account (LMA), which was the first fully integrated digital lending solution in the industry.

“I’m excited to join LPL at this crucial time and lead the firm’s efforts to build a new Banking and Lending platform,” Sappington said. “The firm has proven its ability to innovate in its advisor offerings to deliver sophisticated solutions. Working synergistically with LPL’s technology and strategy teams will enable us to create a banking and lending offering that will help advisors and their clients to benefit from full scale solutions.”

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting over 20,000 financial advisors, and approximately 1,000 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 Company as of June 2021. LPL and its affiliated companies provide financial services only from the United States.

Securities and advisory services offered through LPL Financial LLC, an SEC-registered broker-dealer and investment advisor. Member FINRA/ SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

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FAQ

Who is the new executive vice president at LPL Financial?

Bill Sappington has been appointed as the new executive vice president of Banking and Lending Solutions at LPL Financial.

What is Bill Sappington's role in LPL Financial?

Sappington will lead the development and execution of LPL's banking and lending strategy.

What experience does Bill Sappington have?

Sappington has over 30 years of experience, previously serving in leadership roles at City National Bank and BNY Mellon.

How might Bill Sappington's appointment impact LPL Financial's business?

His appointment is expected to drive growth in LPL's banking and lending solutions and enhance client services.