Bill Morrissey Exits LPL Financial Following Atria Integration

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Bill Morrissey, the caput of the autarkic transmission astatine Atria Wealth Solutions, has exited the firm, arsenic LPL Financial continues to integrate the concern successful the aftermath of its acquisition, according to regulatory filings. 

In caller months, LPL has been pruning Atria’s enforcement ranks via layoffs, according to published reports. Morrissey and an LPL spokeswoman did not instrumentality requests for comment. The steadfast filed Worker Adjustment & Retraining Notification, oregon WARN, notices successful May outlining layoffs successful California, Texas and New York.

Morrissey was antecedently registered with Cadaret Grant and Western International Securities, 2 broker/dealers acquired by Atria, but those firms are nary longer registered arsenic broker/dealers. 

In its third-quarter net results, LPL said it had completed the conversion of Atria and its $115 cardinal successful full brokerage and advisory assets, assuming 100% retention. As of Sept. 30, retention was astir 82%, the study stated. 

Atria was founded successful 2017 by erstwhile Morgan Stanley enforcement Doug Ketterer arsenic a holding institution that would get wealthiness absorption firms. When LPL announced plans to get Atria successful 2024, the holding institution had 7 broker/dealers nether its umbrella, including CUSO Financial Services, Sorrento Pacific Financial, Cadaret Grant, NEXT Financial Group, SCF Securities, Western International Securities and Grove Point Financial. 

Atria hired Morrissey successful 2022 to pb and turn the firm’s autarkic transmission done same-store sales, retention of existing clients and recruiting.

Prior to joining Atria, Morrissey was with Guardian Life Insurance Company, wherever helium served arsenic caput of wealthiness management.

The acquisition of Atria enactment Morrissey close backmost astatine LPL. He joined LPL successful 2004 arsenic elder vice president of advisory consulting services. In 2014, helium was promoted to managing manager of autarkic advisor services, taking implicit for Derek Bruton, who stepped down from the role.

Morrissey’s exit follows the departures of different elder executives astatine Atria. Atria Founder Doug Ketterer and his founding spouse and Chief Operating Officer Eugene Elias Jr. stepped down successful April .

A slew of apical Atria executives departed the steadfast this summer, including respective elder selling executives, arsenic good arsenic employees successful concern solutions, signifier absorption and merchandise strategy. 

In October, Kevin Beard, a founding spouse and erstwhile main maturation serviceman astatine Atria, joined WealthVest, a Bozeman, Mt.-based wholesaler of annuities and structured products, arsenic main strategy officer. 

Just past week, Equity Services Inc. said it hired Brian Nelson, erstwhile managing manager and caput of signifier absorption astatine Atria, arsenic its caput of maturation strategy, a recently created role.