LPL Financial Names William Morrissey Managing Director of Independent Advisor Services

SAN DIEGO, April 14, 2014 (GLOBE NEWSWIRE) -- LPL Financial, the nation's largest independent broker-dealer, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today announced that William (Bill) Morrissey has been appointed Managing Director of its Independent Advisor Services ("IAS") business unit.

Morrissey, 49, will continue to be based in San Diego and will report directly to LPL Financial President Robert Moore. He has spent the past 10 years at LPL, most recently as Executive Vice President of Business Development, responsible for recruiting new advisors and their practices. During his tenure, the number of LPL's IAS advisors nearly doubled from 6,350 to 11,400. He joined the company in 2004 as Senior Vice President of Advisory Consulting Services, responsible for overseeing and successfully building the sales, marketing and development of LPL's advisory platforms.

In his new role as Managing Director of IAS, Morrissey will lead a business unit that provides solutions and relationship management to LPL Financial's independent advisors. The IAS business unit focuses on client satisfaction, assists with practice management and delivers best-in-class support services, including RIA, business consulting and succession planning. Morrissey also will continue to oversee IAS business development.

"I am excited to have Bill in this role because he is exceptionally passionate about our advisors and our mission. He has a demonstrated track record of innovative thinking with a keen understanding of our clients' needs," noted Robert Moore, president of LPL Financial. "This selection process confirmed the quality and breadth of talent we have assembled here at LPL. Bill was chosen due to his extensive industry experience, deep understanding of our advisors' practices and his ability to inspire colleagues."

Morrissey brings nearly three decades of financial services experience to his new role. Prior to joining LPL Financial, he spent 17 years at Fidelity Investments in a variety of leadership roles across product, sales and distribution. He also held positions at Merrill Lynch, where he built out a high-net-worth unit to support the firm's New England wealth management business.

"I am honored to have this opportunity to lead Independent Advisor Services," Morrissey commented. "IAS represents the roots of our business and is critical to the company's reputation in the marketplace. 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."

Morrissey graduated from Boston College with a B.S. in political science. He currently lives in La Jolla, California, with his wife and two children.

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2013), an RIA custodian, and an independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 13,600 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports approximately 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have more than 3,000 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC

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Source:LPL Financial