In his time at BNY Mellon, he helped launch banking and lending companies for unbiased advisors affiliated with Pershing Advisor Options and Pershing; he additionally labored on the agency’s Personal Banking Concierges Group.
Sappington additionally led the event of the Merrill Lynch Mortgage Administration Account (LMA), which was the primary totally built-in digital lending resolution within the business. He was with Merrill from 1987 to 2006.
“I’m excited to hitch LPL at this significant time and lead the agency’s efforts to construct a brand new Banking and Lending platform,” Sappington mentioned in an announcement. “The agency has confirmed its potential to innovate in its advisor choices to ship refined options.”
LPL works with some 20,000 advisors, roughly 1,000 institution-based funding applications and about 500 unbiased RIA corporations. It had $1.16 trillion in belongings on its brokerage and advisors platforms as of March 31, 2022.