The LPL recruiting and improvement legend may get a mandate to cost up the insurer’s middlebrow broker-dealerBrooke’s Notice: Can a former star from an A-level broker-dealer take over a B- or C-level broker-dealer and transfer it up a category? It is a actually arduous factor to do. That stated, Invoice Morrissey is any person who may pull it off. He is aware of the enterprise and he is aware of the right way to convey aboard advisors and their belongings. In Guardian he has a serious backer. Morrissey can be any person who has confirmed a lot however nonetheless may have one thing to show. Keep watch over Park Avenue Securities.Invoice Morrissey is again with a much bigger job at a smaller broker-dealer tucked inside a life insurance coverage big.The previous LPL Monetary head of dealer recruiting is now president of Park Avenue Securities, the Manhattan-based impartial broker-dealer arm of The Guardian Life Insurance coverage Firm of America. (“President” is the best rung at Park Avenue.)John Palazzetti jumped to Morgan Stanley in 2014. The place was beforehand held by John Palazzetti, who left in December after being employed in 2014. He started a brand new job as a New York-based complicated supervisor for Morgan Stanley.Palazzetti was a Morgan Stanley lifer. He was there from 1993 to 2011 earlier than a short stint at Fieldpoint Personal Bank and Belief. See: Bank based by ex-Merrill chiefs spurs RIA arm, Fieldpoint, to $three billion after hiring a former Citi chief as CEOMorrissey, 56, left LPL in June of 2018 and has held no roles since then. He quietly got here aboard at Park Avenue within the fall of final yr, a spokeswoman for The Guardian confirmed.His reemergence alerts that The Guardian, the biggest mutual life insurance coverage firm with 8,000 workers, is able to make a extra aggressive push into retail recommendation.”You do not rent Invoice Morrissey except you are ready to essentially develop,” says Cecile Munoz, CEO of U.S. Government Search in Los Angeles.”He is builder of companies and he has a really sturdy following and belief from advisors.”Park Avenue exists on the bubble between large and small broker-dealers, with $213.7 million in gross revenues in 2019. By comparability LPL’s gross revenues have been $5.2 billion, based on InvestmentNews rankings. It was No. 27 on IN’s High 50.Cecile Munoz: ‘You do not rent Invoice Morrissey except you are ready to essentially develop.’Its ADV says it has AUM of $four billion. Park Avenue clears by way of Pershing, and its fee-based supervisor program is run by way of Envestnet.”They employed any person who can get them to the subsequent stage,” says Linda Willis, CEO of Profession Administration Advisors in Atlanta, Ga.Although most individuals know Morrissey foremost for his recruiting prowess, he has a broader talent set that can serve him properly with Park Ave. Securities, Munoz provides. He was at Constancy Investments proper out of Boston Faculty from 1986 to 2002, with a short stint at Merrill Lynch in 2000.That stated, he landed at a broker-dealer with low model recognition or autonomy — organising a brand new form of problem, says Willis.”It is a bit of a step down,” she says. “Dealer-dealers at insurance coverage firms are just like the red-headed step-children of the trade.”Recruiting warMorrissey got here to LPL and constructed the corporate’s fee-based supervisor platform, often known as SAM for strategic asset administration. It was a key evolution as the corporate sought to recruit wirehouse brokers accustomed to such platforms.Linda Willis: ‘They employed any person who can get them to the subsequent stage.’When he lastly left LPL, he had survived previous when many large executives of his period — Invoice Dwyer, Derek Bruton and Mark Casady — had already moved on. See: As period ends, Invoice Morrissey steps right down to make means for youthful exec who leaves job as UBS’s digital guruIt occurred after a tough stretch when LPL obtained drawn right into a recruiting warfare with Kestra, Ameriprise and Cetera after these corporations focused the three,200 brokers with Nationwide Planning Holdings when LPL was busy attempting to finish a purchase order of the agency. LPL Monetary wages ‘warfare’ on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of saleMorrissey’s official LPL title was managing director and divisional president, enterprise improvement.