LPL Financial Hires Waddell & Reed’s Shawn Mihal

Last Edited by: LPL Financial

Last Updated: June 07, 2021

LPL Financial's Shawn Mihal, Institution Services image

CHARLOTTE, N.C. – June 7, 2021LPL Financial LLC today announced that Shawn Mihal has joined the firm as executive vice president, Institution Services. Mihal will be responsible for further expanding the capabilities and services LPL offers to institutions and their clients, as well as supporting institutions’ executive leadership and advisors in their long-term growth aspirations. He will report to LPL Chief Customer Care Officer and Managing Director Dayton Semerjian, working from the firm’s Carolinas office.

Mihal served as president of Waddell & Reed, Inc., the broker-dealer subsidiary of Waddell & Reed Financial, Inc. that LPL acquired April 30. Before becoming president, Mihal held senior vice president and chief operating officer roles at Waddell & Reed, Inc. Prior to that, Mihal worked at Great American Advisors, Inc. and Transamerica Financial Advisors, Inc., where he held compliance leadership roles and led bank and credit union networking arrangements, helping financial institutions navigate the fast-paced and ever-changing economic landscape.

Mihal succeeds Arthur Osman, who has had a 24-year career with LPL, joining the firm through the 2007 acquisition of UVEST Financial Services Group, Inc. Osman will work closely with Mihal to ensure a smooth transition and then take a step back to spend more time with his family beginning July 1.

“All of us at LPL are incredibly grateful for Arthur’s decades of service to the firm, and we couldn’t be happier for him and his family,” said Semerjian. “We’re also excited to welcome Shawn, who throughout his career has demonstrated a deep commitment and orientation to serving advisors and institutions. As the industry continues to evolve and transform, I believe strongly in his ability to guide the Institution Services team through lasting growth. I look forward to the many contributions he will bring to ensure an even greater community of care for our more than 800 bank and credit union clients.” 

“I couldn’t be more excited about joining LPL Financial, and I am energized about the prospect of supporting LPL’s institutional clients with unparalleled service offerings and capabilities,” said Mihal. “I’m looking forward to helping the firm’s clients serve as growth agents for their institutions by increasing the value of the financial advice and guidance they provide to their clients.” 

Mihal received a bachelor’s in Economics from the University of Cincinnati, and holds FINRA 7, 24, and 66 licenses.


About LPL Financial:

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report)

No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020)

No. 1 provider of third-party brokerage services to banks and credit unions (2019-2021 Kehrer Bielan Research & Consulting Annual TPM Report)

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