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Ex-LPL execs Kalbaugh and Morrissey take new gigs in changing industry

Two former LPL Financial executives closely associated with the firm’s expansion into the industry giant that it is today have started new respective roles.

Andy Kalbaugh and Bill Morrissey each spent more than a dozen years in recruiting and financial advisor support posts as the firm added thousands of brokers on its way to amassing today’s industry-leading headcount of more than 21,000. Morrissey stepped down as LPL’s president of business development in 2018, while Kalbaugh left his job as divisional president of national sales and consulting last year. Kalbaugh launched a consulting firm for wealth management practices and firms called Cassique Strategies this month, and Morrissey joined LPL rival Atria Wealth Partners in November as the head of its independent channel.

“We had some really talented people who were really passionate about helping advisors achieve more,” ex-LPL business development executive Jeff Nash said in an interview. Nash reported to Morrissey and came to know Kalbaugh during his 14 years with the firm prior to launching his own consultancy, Bridgemark Strategies, in 2017.

“They really understand the client relationship, where the advisor is the client and the firm is there to support the advisors,” Nash added. “They also were leaders within the organization.”

Kalbaugh and Morrissey each said they were retiring when they left LPL, only to come back to the industry in limited capacities. Kalbaugh participated briefly in a short-lived activist shareholder fight targeting the board of the parent company of tax-focused wealth management firm Avantax earlier this year. Morrissey acted as the head of wealth management for Guardian Life Insurance and its brokerage, Park Avenue Securities, from February 2020 to April 2021.

Bill Morrissey is the head of the independent advisor channel at Atria Wealth Partners.

Arizent

Their careers with LPL and prior stops at Fidelity Investments and Merrill Lynch in Morrissey’s case and American General Securities and Mutual Service for Kalbaugh span several decades. Kalbaugh currently sits on the advisory board of private equity firm TowerBrook Capital Partners Management, as well.

For the name of his new consulting firm, Kalbaugh chose a term derived from a Native American word in the Carolinas for a chief who has experience and wisdom. After he left LPL, he continued to receive calls from advisors and wealth management executives. Many of them consisted of questions about M&A, such as, “Hey, help me think through this capitalization and monetization process,” Kalbaugh said. Others concerned growth and the best means of expanding, even though stocks and bonds have taken a beating this year.

Andy Kalbaugh is the founder of Cassique Strategies.

LPL Financial

Kalbaugh plans to be “really, really selective” about which advisors and firms he chooses to help address those problems, he said in an interview.

“If you’re a business owner, you’re probably rethinking, ‘Do I have a growth strategy? How do I think through that as a business owner?'” Kalbaugh said. “You’re really trying to help them. You’re trying to make a difference, and you can share your insights and mistakes. That was all part of the thinking around the ‘retirement.'”

In his new position, Morrissey received the technical appointment as the president of Atria subsidiary Cadaret, Grant, although in practice in the newly created role he will oversee all of the independent contractor advisors across a half dozen brokerages with 2,500 registered representatives and $100 billion in client assets. He reports directly to Atria CEO Doug Ketterer. Morrissey will lead recruiting and retention in the industry’s independent channel, where he noted in an interview that “the demand for advice continues to grow at a time when we have a shrinking advisor force” because of the advanced age of many planners.

“It was an opportunity to lead a fast-growing segment of an industry-leading firm but also play a role in the next stage of Atria’s evolution,” Morrissey said. “The focus is for us to provide the best supporting infrastructure in the industry to our advisors. It’s that intense focus on being the best that I think was really attractive to me.”

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