Independent broker-dealer LPL Financial says longtime executive Bill Morrissey is retiring and that his role as head of business development will be taken on by former UBS wealth executive Richard Steinmeier in mid-August.
Morrissey joined LPL in 2004 and has led its business-development efforts since October 2006. According to the IBD, he is retiring “to spend more time with his young family.”
The departing executive’s “hard work and commitment over 14 years contributed to the company’s success in a variety of different ways, and we wish him well,” said LPL President and CEO Dan Arnold in a statement.
LPL has 16,067 affiliated advisors vs. 10,654 employee reps at UBS, about half of whom are based in the Americas.