Oppenheimer Replaces Long-Time Advisory Account Head
David Aplin, who was in charge of brokers running discretionary managed accounts in Oppenheimer & Co.’s private client group and of picking money managers for its asset management unit, has been replaced in the strategically important positions by an outsider from UBS.
Aplin left the New York-based financial firm two weeks ago, according to two people familiar with the change. His position has been taken by by Matt Wade, who had been with UBS Financial Services.
Aplin’s BrokerCheck record confirms that he left Oppenheimer on September 15. Wade’s indicates his registration with Oppenheimer on September 20 following five years at UBS. An Oppenheimer spokeswoman did not immediately return a call to confirm the change.
The move comes despite the fact that growing advisory revenue has been one of the few high points noted by Oppenheimer in recent quarters amid successive quarters of earnings losses and a shrinking brokerage force.
Oppenheimer’s private client group, its largest business, has contracted to just over 1,100 advisors due to dismissals of what its earnings reports call “less productive financial advisers” and because of unreplaced attrition of those who retired or joined other firms.
Advisory fees, however, grew 8% in the first six months of this year to $142.2 million, representing more than half of the private client group’s revenue. Oppenheimer books 90% of its advisory fees within the retail brokerage group, allocating the rest to its asset management unit, according to its second-quarter regulatory earnings filing.
Aplin, who did not return a call left with a person answering his home phone in Westchester County, NY, appears to have played a key role in both the private client and asset management units.
He describes himself in his LinkedIn profile as head of product management for the asset management division, indicating that he served as a gatekeeper for outside companies seeking sales through Oppenheimer’s wrap-fee programs.
He also was in charge of the rapidly expanding group of Oppenheimer brokers in its discretionary Omega managed money program, said one source with a large discretionary business who said he was sorry to hear of Aplin’s departure.
Aplin, who first registered as a securities salesperson with Shearson Lehman Hutton in 1986, has been with Opco since joining what was then CIBC World Markets in 1994, according to his BrokerCheck record.
Wade began his career as a registered rep in May 2012 with UBS, and remained with the firm until last week, according to his BrokerCheck record.