Edelman Financial Services has named a new chief executive in a strategic move to divide the responsibility of management-related activities.

Ryan Parker has taken the chief executive baton from Ric Edelman of Edelman Financial Services.

Working alongside Edelman, who remains as founder and executive chairman, Parker will help shape the firm's strategic direction and lead its daily operations.

By turning over executive duties to Parker, Edelman said he will be able to focus more on financial education and advice: “My wife Jean and I created the firm 30 years ago. But as the firm has grown, more of my time has been diverted to management activities.”

Parker was most recently a managing director of investment and planning solutions at LPL Financial. In that role, he led the sales, marketing, product management and sponsor relations functions in support of over 14,000 independent advisors and 700 financial institutions. Before LPL, he worked at Russell Investments, Franklin Templeton Investments and Putnam Investments. 

Edelman Financial has 125 financial planners, has made 15 hires so far this year and said it plans to add 35 more members of staff. It manages around $16 billion for over 30,000 individuals and families.