FSC Securities Corporation, part of Advisor Group, today announced that fixed income industry veteran Derek Burke has been named President and CEO of the firm. Burke served most recently as president of Waddell & Reed Financial, Inc. (NYSE: WDR). He will report to Jamie Price, president and CEO of the parent company.
FSC Securities currently manages $37 billion in total client assets and has more than 1,000 financial advisers across the country. The company is a division of Advisor Group, one of the largest independent broker-dealer networks in the United States, which manages $160 billion in assets across 5,000 advisors.
Burke will oversee the day-to-day operations of the business, taking over as president from Jerry Murphy, who remains within the company but as partner at one of FSC’s largest OSJ groups.
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Burke is a more than three-decade veteran of the financial services industry. Prior to his work with Waddell & Reed, he was CEO of First Investors Advisory Services LLC and President of First Investors Management. Burke also spent six years at UBS Wealth Management, where he served as Managing Director and Co-Head of Investment Solutions.
Burke also held executive positions with New York Life Investment Management, John Hancock Financial Services and Prudential Insurance Company.
He started his career as an enforcement attorney with the SEC after receiving an undergraduate degree in finance from Seton Hall University.
Commenting on the appointment, Advisor Group CEO Jamie Price said: “Derek brings both deep leadership experience and a passion for championing advisors to his new role. As FSC gets ready to celebrate its 60th birthday in 2018, the firm will maintain the culture underlying its past success, while also continuing to focus on innovation. It’s crucial to stay ahead of the curve in this digital era and to surpass clients’ evolving expectations. Derek’s skills position FSC to do just that.”