Shawn Mihal has joined LPL as executive vice president of the unit, according to the firm. In his new role, he’s tasked with expanding the company’s services to institutions and their clients and assisting the institutions’ leadership and advisors in driving growth, LPL says.
Mihal was previously president of Waddell & Reed Financial’s broker-dealer subsidiary Waddell & Reed, Inc., prior to which he held senior vice president and chief operating officer roles at Waddell & Reed, Inc., according to LPL. Before Waddell & Reed, Mihal held compliance roles and oversaw bank and credit union networking arrangements at Great American Advisors and Transamerica Financial Advisors, LPL says.
Mihal succeeds Arthur Osman, who will assist Mihal with the transition before stepping back to spend more time with family starting July 1, according to LPL. Osman had joined LPL through the firm’s 2007 acquisition of UVEST Financial Services Group, LPL says.
LPL acquired Waddell & Reed’s wealth management business for $300 million in April as part of Waddell & Reed Financial’s acquisition by Australia’s Macquarie Group for $1.7 billion, as reported. Waddell & Reed’s wealth management assets under management stood at $69.7 billion at the end of 2020, a 16% increase year over year.
In February, Waddell & Reed disclosed that it would lay off more than 200 employees contingent on the acquisition by Macquarie.