In an attempt to boost results in what has started out as a volatile 2016, LPL Financial (LPLA) will adjust some of its executives' responsibilities starting next week.
"In light of the needs of LPL advisors and institutions today, and the market conditions expected over the course of 2016, LPL is making changes to the responsibilities of two of its key leaders, Bill Morrissey and Andy Kalbaugh, as part of a larger effort to provide an enhanced level of service and support for clients [i.e., advisors and financial institutions] to help drive their growth," the company said in a statement shared with ThinkAdvisor early Thursday.
Morrissey, managing director and divisional president, has been tapped to lead recruiting, business development and advisor onboarding at LPL. His focus, the company says, will be to lead efforts to grow "new store sales opportunities across all advisor and institution groups."
This effort will include "a dedicated team managing the onboarding and integration process for new advisors," according to the independent broker-dealer.
Meanwhile, Kalbaugh, also a managing director and divisional president, will be in charge of LPL's business consulting and client management and "will lead an organization focused on increasing same-store sales across all advisor and institution groups," the IBD says. This division is set to encompass its high-net-worth and RIA businesses, "which are key growth areas for LPL."
Both Morrissey and Kalbaugh report to Dan Arnold, president of the independent broker-dealer.
