The Power 20
Executive VP of Business Development, LPL Financial
Bill Morrissey, 48, recruiter-in-chief at LPL Financial LLC, plans for 2013 to be as productive as ever for the firm — a recruiting juggernaut of the independent-broker-dealer industry. “In 2012, we took advantage of an emerging shift. Both larger groups and individuals were moving,” Mr. Morrissey said.
LPL, the largest network of independent reps and advisers — more than 13,000 are affiliated with the firm — took advantage of that shift in the marketplace. In the second half of 2012, the company recruited two teams with $1 billion in assets under management, and another team with $2 billion, according to InvestmentNews’ Advisers on the Move database. Each of those three teams came from broker-dealers owned by large insurance companies.
“2013 trends are like 2012,” Mr. Morrissey said. The industry is facing head winds that “LPL is well-positioned to capitalize on,” he said. “First, new legislative changes are creating opportunities in the retirement space. Those advisers are looking for a partner such as LPL.” Next, the consolidation among independent broker-dealers and concern by advisers with smaller firms have led to an increasing flight to quality, he said. Finally, Mr. Morrissey sees a chance to recruit out of wirehouses as retention bonuses handed out during the credit crisis are completed. “I believe there will be more opportunities there,” he said.—Bruce Kelly