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Bill Morrissey, the head of the independent channel at Atria Wealth Solutions, has exited the firm, as LPL Financial continues to integrate the business in the wake of its acquisition, according to regulatory filings.
In recent months, LPL has been pruning Atria’s executive ranks via layoffs, according to published reports. Morrissey and an LPL spokeswoman did not return requests for comment. The firm filed Worker Adjustment & Retraining Notification, or WARN, notices in May outlining layoffs in California, Texas and New York.
Morrissey was previously registered with Cadaret Grant and Western International Securities, two broker/dealers acquired by Atria, but those firms are no longer registered as broker/dealers.
In its third-quarter earnings results, LPL said it had completed the conversion of Atria and its $115 billion in total brokerage and advisory assets, assuming 100% retention. As of Sept. 30, retention was approximately 82%, the report stated.
Atria was founded in 2017 by former Morgan Stanley executive Doug Ketterer as a holding company that would acquire wealth management firms. When LPL announced plans to acquire Atria in 2024, the holding company had seven broker/dealers under 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 in 2022 to lead and grow the firm’s independent channel through same-store sales, retention of existing clients and recruiting.
Prior to joining Atria, Morrissey was with Guardian Life Insurance Company, where he served as head of wealth management.
The acquisition of Atria put Morrissey right back at LPL. He joined LPL in 2004 as senior vice president of advisory consulting services. In 2014, he was promoted to managing director of independent advisor services, taking over for Derek Bruton, who stepped down from the role.
Morrissey’s exit follows the departures of other senior executives at Atria. Atria Founder Doug Ketterer and his founding partner and Chief Operating Officer Eugene Elias Jr. stepped down in April .
A slew of top Atria executives departed the firm this summer, including several senior marketing executives, as well as employees in investment solutions, practice management and product strategy.
In October, Kevin Beard, a founding partner and former chief growth officer at Atria, joined WealthVest, a Bozeman, Mt.-based wholesaler of annuities and structured products, as chief strategy officer.
Just last week, Equity Services Inc. said it hired Brian Nelson, former managing director and head of practice management at Atria, as its head of growth strategy, a newly created role.