Monday’s news that longtime LPL Financial executive Bill Morrissey is retiring has prompted several veteran industry watchers to express concern about management stability and other issues at the independent broker-dealers.
“LPL’s managerial ranks seem like they have been a revolving door since CEO Mark Casady left” in early 2017, said Tim Welsh, head of the consulting group Nexus Strategy and a former executive at Charles Schwab, who points out that the firm also has seen several large advisor groups depart recently.
Morrissey had been with the independent broker-dealer since 2004, leading its business-development efforts since 2006. According to the IBD, he is retiring “to spend more time with his young family.”
Other recent exits include Michael Murray, who was LPL’s national sales manager for the West since 2002. He left the firm in May to join Cetera Financial Group as head of its new business development efforts.
HD Vest Financial Services recently nabbed Chau Nguyen Haner, who had been with LPL since 2009 and served as assistant vice president of marketing strategy.
A year ago, Chief Information Officer Victor Fetter left after more than four years in that post. His departure came shortly after that of David Berger, who had been the IBD’s general counsel for roughly four years.
For its part, LPL points out that it has had only one exit from its C-suite in the past 18 months — that of Fetter.