LPL Financial taps wirehouse veteran to lead recruiting effort

UBS exec Richard Steinmeier will replace Bill Morrissey, who is retiring after a number of LPL recruiters jumped ship

Jun 25, 2018 @ 1:32 pm

By Bruce Kelly

Continuing the churn in LPL Financial's recruiting group, the leader of the unit, Bill Morrissey, managing director and head of business development, is retiring and being replaced by a wirehouse veteran.

Mr. Morrissey has been with LPL for more than 14 years, the company said in a statement Monday.

A veteran of UBS Financial Services Inc., Richard Steinmeier, is replacing Mr. Morrissey. Mr. Steinmeier will officially join LPL in the middle of August.

Most recently, Mr. Steinmeier was managing director and chief digital officer for UBS. Prior to joining UBS in 2012, Mr. Steinmeier worked at Merrill Lynch as well as McKinsey & Co.

Mr. Morrissey is retiring to spend more time with his family, the company said in a statement.

LPL, which is an industry powerhouse when it comes to recruiting, recently has seen several senior and mid-level recruiters jump ship or retire.

One conspicuous departure was disclosed in May, when Cetera Financial Group said it hired Michael Murray, most recently one of a handful of senior vice presidents of recruiting at LPL, in the role of head of business development at Cetera.

At least 11 recruiters have left LPL in the last 16 months, InvestmentNews reported last month.

Last August, LPL announced it was changing its policy to require new recruits to custody their first $50 million in assets at LPL, a move that some branch managers saw as a threat to their ability to recruit because of questions over pricing. That policy change may have pushed some of its recruiters to jump ship, industry observers have said.

LPL has a huge recruiting operation, with as many as 50 to 80 internal and external recruiters beating the bushes for advisers. Recruiters are highly coveted and may jump ship for any number of reasons, from more pay to family and personal issues.

Meanwhile, as LPL is losing recruiters, it is trying to sweeten its offer to bring in new advisers and assets to its platform.

In April, the firm said it was focusing recruiting on advisers at select firms, including Cetera Financial Group, Kestra Financial Group and Securities America Inc., according to sources. The offer is in the form of a three-year forgivable loan that pays an adviser 50 basis points on assets under management transferred to LPL.

There's a catch, however. LPL is only paying advisers for AUM that land on its corporate RIA or are under home office supervision.

"Bill's hard work and commitment over 14 years contributed to the company's success in a variety of different ways, and we wish him well," LPL's president and CEO, Dan Arnold, said in the company statement.

0
Comments

What do you think?

View comments

Most watched

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

Latest news & opinion

Target-date fund design may be wrong for retirees

Researchers suggest the funds don't adequately hedge against sequence-of-returns risk in retirement.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print