LPL Financial has a new chief compliance officer, with Jim McHale joining the firm from Wells Fargo, where he served as head of compliance for the bank's Wealth and Investment Management Division. He succeeds Mark Seffinger, who is leaving the firm and had been in the CCO position since April 2021.
McHale is coming onboard as a CCO and executive vice president, reporting to executive vice president and Chief Risk Officer Brent Simonich. According to Simonich, McHale has a strong record for building “efficient risk management routines and governance.”
“His experiences in the industry and deep understanding of the compliance landscape positions our team well to help advisors protect their practices and enable their growth,” he said. “His leadership in regulatory compliance risk, control design, and pragmatism will be key as we continue to prioritize advocacy on behalf of our clients.”
McHale was with Wells Fargo since 2014, beginning as the CCO for its retail brokerage arm before becoming an executive vice president and a Business Risk and Control Leader in 2019, according to LinkedIn. In 2020, he became head of compliance for the firm's Wealth and Investment Management Division, a role he held before his move to LPL.
Before joining Wells Fargo, McHale also had stints at E*Trade as the company’s global head of brokerage compliance, as well as a managing director and associate general counsel with the Securities Industry Financial Markets Association and at the Division of Trading and Markets with the Securities and Exchange Commission.
McHale also holds a Juris Doctor from the University of South Carolina Law School. In a statement about the move, McHale said he was “energized” to help shape the firm’s strategic direction.
“LPL is clearly investing in and transforming the way it manages risk with a view toward doing what’s right for its advisors, institutions, and the clients they serve,” he said.
