After a surprising, high-level resignation 10 days ago, the nation's largest independent broker-dealer has named an internal replacement to head up its advisory unit.
Longtime LPL Financial executive Bill Morrissey has been tapped to take over the company's independent advisor services unit following the abrupt departure of Derek Bruton.
Morrissey, who has spent the last 10 years at LPL most recently as executive vice president of business development, is taking over Bruton's role after he suddenly resigned his post in early April. An April 4 SEC filing attributed the Bruton resignation to "concerns" about interactions with other employees.
LPL officials say Morrissey has helped nearly double the number of advisors from 6,350 to 11,400. He joined the San Diego-based company in 2004 as senior vice president of advisory consulting services.
"I am excited to have Bill in this role because he is exceptionally passionate about our advisors and our mission," LPL Financial president Robert Moore said in a statement. "Bill was chosen due to his extensive industry experience, deep understanding of our advisors' practices and his ability to inspire colleagues."
Prior to joining LPL in 2004, Morrissey spent 17 years at Fidelity Investments in a variety of leadership roles across product, sales and distribution. He previously helped build out a high-net worth unit at Merrill Lynch to support the firm's New England wealth management business.
"IAS represents the roots of our business and is critical to the company's reputation in the marketplace," said Morrissey in a statement. "Together with my colleague Andy Kalbaugh, who leads Institution Services, and the rest of the LPL Financial leadership team, we intend to deliver industry-leading services, solutions and support to empower our clients to help Americans achieve their aspirations."
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