Former LPL Financial CEO and Chairman Mark Casady has joined martech firm FMG Suite as Executive Chairman, FMG and private equity firm GTCR said.
FMG and GTCR announced in August that GTCR was acquiring FMG from Aurora Capital Partners in a transaction that was expected to allow FMG to expand AI capabilities.
As Executive Chairman, Casady will work closely with Scott White, FMG CEO and President, and the management team to “help drive strategy and growth initiatives,” the companies said in a news release.
Those initiatives include developing AI-enabled products for advisors, strengthening FMG’s relationships with enterprise-scale wealth management firms and insurance agencies and evaluating organic and inorganic growth opportunities, the firms said.
With over four decades of experience in financial services, wealth management and financial technology, Casady also serves as Chairman of Vestigo Ventures, an early-stage venture firm that focuses on financial technology and AI that he founded in 2017.
Joining LPL in 2002, he was its CEO and Chairman from 2005 to 2017.
Casady increased LPL’s revenues from $1.4 billion to more than $4 billion via a combination of organic growth and acquisitions, transforming LPL into the largest U.S. independent broker-dealer, serving more than 14,000 advisors, FMG and GTCR said. Casady also led LPL to a public listing in 2010.
“I’m thrilled to join FMG as Executive Chairman during such a pivotal time for innovation in wealth management,” Casady said in the news release. “Throughout my career, I’ve been focused on helping financial advisors deliver smarter, more efficient ways to serve their clients and build lasting financial freedom. This includes witnessing the transformative impact of AI in financial services, which I believe will be key to future growth.”
He added, “I’ve known FMG for years, and its platform presents an exceptional opportunity to advance that mission and empower the next generation of agents and advisors to thrive.”
“We’re excited to be partnering with GTCR and Mark, whose experience building advisor-focused technology and services makes him an ideal fit for FMG,” said Scott White, CEO and President of FMG. “Together, we share the belief that advisors need intuitive, easy-to-use tools to stand out, win new clients, and deepen existing relationships.”
White added, “With GTCR’s support and Mark’s leadership, we’ll continue to evolve our platform, expand into new markets, and deliver AI-enabled solutions that drive organic growth.”
“We’ve known Mark for over a decade and are confident that FMG will benefit from his deep understanding of the financial advisor community, unparalleled network in the wealth and insurance industries and strategic guidance,” said Michael Hollander, Managing Director at GTCR.
He added, “We look forward to partnering with Mark, Scott and the FMG management team to strategically invest in the Company’s software platform and continue to meet the evolving needs of its customers.”
FMG serves over 50,000 financial advisors and more than 3,500 insurance professionals. GTCR manages about $50 billion in equity capital.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
