LPL Financial (LPLA) said Monday that it has named a new head of its Independent Advisor Services unit: Bill Morrissey.
Morrissey, 49, replaces Derek Bruton, who retired from the independent broker-dealer 10 days ago, after it expressed “concerns over his interactions with other employees.” He had been a managing director since 2010.
“I am excited to have Bill in this role, because he is exceptionally passionate about our advisors and our mission. He has a demonstrated track record of innovative thinking with a keen understanding of our clients’ needs,” said LPL President Robert Moore, in a statement.
“This selection process confirmed the quality and breadth of talent we have assembled here at LPL,” Moore explained. “Bill was chosen due to his extensive industry experience, deep understanding of our advisors’ practices and his ability to inspire colleagues.”
While taking on his new role as managing director of Independent Advisor Services, Morrissey will continue to oversee its recruiting efforts, which he had done earlier, and will remain based in San Diego, where the company has opened a new headquarters facility.
The financial-services veteran has been with LPL Financial for the past 10 years, after joining the IBD from Fidelity Investments. He also worked for Merrill Lynch (BAC).
During Morrissey’s time at LPL Financial, the firm has nearly doubled the number of affiliated reps from 6,350 to 11,400. When he joined the company in 2004, his focus was on the sales, marketing and development of LPL’s advisory platforms.
“I am honored to have this opportunity to lead Independent Advisor Services,” Morrissey said in a press release. “IAS represents the roots of our business and is critical to the company’s reputation in the marketplace.”
LPL plans to announce its first quarter earnings on April 23 after the markets close.