LPL Financial Elects McKinsey Advisor Somesh Khanna, Adds KSPY ETF and Gains $260M Team
LPL Financial elected Somesh Khanna, senior McKinsey advisor and Apexon co-chair, to its board. The firm also added the Hedgeye Hedged Equity ETF (KSPY) to its no-transaction-fee platform and onboarded Rand, Williams & Associates, LLC, boosting advisory assets by roughly $260 million.
1. Somesh Khanna Bolsters Board Expertise
LPL Financial has elected Somesh Khanna, senior advisor at McKinsey & Company and executive co-chair of Apexon, to its board as an independent director. Khanna brings over 30 years of leadership in consulting and financial services, including co-leading McKinsey’s global banking practice, founding its digital unit for financial services and serving as New York managing partner. He also sits on the boards of two public companies and previously led a securitization joint venture with J.P. Morgan. LPL’s board chair highlighted Khanna’s track record in digital strategy, AI and data-driven transformation as key to supporting the firm’s ongoing innovation and growth initiatives for its network of more than 32,000 advisors and institutions.
2. New ETF Added to No-Transaction-Fee Platform
LPL Financial has expanded its no-transaction-fee platform to include a dynamically hedged equity ETF, enhancing its curated lineup for over 22,000 financial advisors. The fund employs systematic signals based on price, volume and volatility to adjust equity exposure on a daily basis, seeking full participation when markets are favorable and reducing risk when conditions turn adverse. By integrating this strategy alongside 15 existing ETFs spanning themes such as emerging markets, clean technology and carbon credits, LPL aims to help advisors lower costs and offer sophisticated risk management tools without transaction charges for their clients.
3. Rand, Williams & Associates Joins LPL Platform
Spencer W. Rand, CFP® and Michael J. Williams, CFP® of Rand, Williams & Associates, LLC have transitioned to LPL’s broker-dealer and RIA platform with approximately $260 million in client assets. Based in Monterey, California, the team serves educators, non-profits and high-net-worth families across generations. Citing LPL’s streamlined processes, advisor-driven technology enhancements and robust compliance and security infrastructure, the advisors said the move will allow them to devote more time to client relationships. LPL supports their objectives with practice management services and its broader ecosystem, which custodies roughly $2.3 trillion in brokerage and advisory assets.