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Tuesday, November 29, 2022

Atria Lures Invoice Morrissey to Lead Its Impartial Channel

Atria Wealth Options, the Lee Fairness Companions-backed wealth administration holding firm launched by former Morgan Stanley govt Doug Ketterer in 2017, has tapped Invoice Morrissey, the previous managing director and divisional president of enterprise improvement at LPL Monetary, as head of the impartial channel, a newly created function.

Morrissey joins from Guardian Life Insurance coverage Firm, the place he served as head of wealth administration.

He joined LPL in 2004 as senior vp of advisory consulting providers. In 2014, he was promoted to managing director of impartial advisor providers, taking on for Derek Bruton, who stepped down as a result of considerations over his interactions with different staff.

Within the new function, Morrissey will report on to Ketterer, who says the rent will take Atria’s development to the following stage.

“If you see such an array of alternatives on the market within the market—I might wax poetic about that—each agency must evolve, and we’re no completely different,” Ketterer mentioned. “So after we look to the longer term, I’ve the chance to deliver someone together with his experience, his skillset, his outcomes over a beautiful profession like Invoice and produce him onto the staff, it simply lifts all boats.”

Since launching Atria 5 years in the past, Ketterer has constructed it right into a multi-channel wealth administration agency, serving the monetary establishments channel, together with banks and credit score unions, through its CUSO Monetary Companies and Sorrento Pacific Monetary subsidiaries, and the impartial advisor channel, through dealer/sellers Cadaret Grant & Co., NEXT Monetary Group, Western Worldwide Securities and SCF Securities. The agency serves almost 2,500 advisors throughout roughly $100 billion of property beneath administration.

The presidents of the underlying dealer/supplier subsidiaries Cadaret Grant, NEXT, WIS and SCF will now report back to Morrissey. He’ll even be accountable for the expansion of that channel, via same-store gross sales, retention of current shoppers and recruiting.

“When Atria supplied me the function, it actually struck me as a chance to each lead a fast-growing section of an industry-leading agency, in addition to play a significant function in serving to the agency’s evolution,” Morrissey mentioned.

He plans to make use of his abilities in enterprise improvement, follow administration help and adopting and utilizing platforms to help the expansion of Atria’s advisors.

“Over the course of my profession, I’ve had the nice privilege of constructing and executing any variety of development methods, centered on the advisor and serving to the advisor do a greater job of supporting the wealth administration wants of their shoppers,” he mentioned.

Atria’s expertise platforms, which embrace its advisor platform UNIO and consumer platform Clear1, had been one facet that attracted Morrissey to the agency.

Ketterer mentioned the agency does have some centralized features, and all of the underlying entities, except for one, are on the identical tech platforms. However Atria doesn’t at present have any plans to merge any of its dealer/sellers.

“We’ll by no means do an indiscriminate acquisition,” he mentioned. “We’re not a roll-up. We’ll let others roll up corporations only for dimension and perhaps some form of occasion on the tail finish of their journey. However for us, we have to ensure that they match collectively.”

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