LPL’s Top Ranks Are a ‘Revolving Door,’ Recruiter Says
June 27, 2018 By Janet Levaux, ThinkAdvisor Industry watchers weigh in on what Bill Morrissey's departure says about the IBD and its challenges. 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 executive ranks 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. 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...