SAN DIEGO, June 7, 2013 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer,* and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today announced that Michelle Oroschakoff has been appointed Chief Risk Officer and Managing Director. Ms. Oroschakoff will be based in San Diego and will report to Mark Casady, LPL Financial Chairman and CEO. She will also serve as a member of the firm's Management Committee and as Vice Chair of the firm's Risk Oversight Committee. Ms. Oroschakoff joins LPL Financial from Morgan Stanley, where she was most recently the Global Chief Risk Officer of the Wealth Management division and prior to that, Chief Compliance Officer for Morgan Stanley Smith Barney. Before serving in these roles, she was the General Counsel for Fisher Investments, a leading independent registered investment advisory firm. Earlier, she spent eleven years in a number of senior legal and compliance roles at Morgan Stanley, including as Associate General Counsel and head of the firm's San Francisco litigation department. Mark Casady, Chairman and CEO of LPL Financial, said, "We are delighted to welcome Michelle Oroschakoff to our firm. Her hire is a reflection of the continued importance we attach to risk management, compliance and controls. Michelle's skills in managing risk in a large, complex organization and working closely with regulators will be an important addition to the company. We look forward to Michelle bringing her considerable years of experience in legal, compliance and risk management issues in the financial services industry to our organization at a time of renewed focus for us on these vital areas." In her role at LPL Financial, Ms. Oroschakoff will be responsible for firm-wide risk management processes and controls, including regulatory compliance, data security and privacy and other critical risk management functions, as well as working closely with the firm's regulators.