Independent Financial Marketing Group Inc., a third-party provider of investment services, has appointed a new president.
Robert L. Spadafora, 53, was promoted Tuesday from executive vice president and was designated to take the company's reins in a month after its chief executive officer retires at the end of March.
Mr. Spadafora said he does not plan to make major changes in the business. Independent Financial of Purchase, N.Y., sets up brokerages for banks that are too small to run their own, or do not want to. It also wholesales investment products to larger banks. The company has 76 clients.
Roderick J. Halvorson was Independent Financial's last president; he left in September. The company said Mr. Spadafora will lead it after CEO Denis Kaplan, one of its founders, retires next month.
The three other founding partners have already retired or moved to other companies in the past two years.
Industry observers began speculating several months ago that Mr. Kaplan too would be leaving. He says, however, that not until December, when he turned 55, did he give the matter serious consideration.
"It makes sense for me in terms of where I am and where the company is," he said.
Mr. Kaplan said his plans include spending time with his family and playing golf. He has no desire at this point to join another company, he said.
"But who knows," he added.