LPL Financial announced Monday that its Board of Directors appointed Rich Steinmeier to serve as the firm’s CEO after he had been serving as Interim CEO since Oct. 1, when he replaced Dan Arnold, who was removed as CEO and President. Steinmeier was also elected to the Board. Arnold had been LPL’s President since 2015 and CEO since 2017.
The Board also named Matt Audette as President and CFO, expanding his previous role as CFO and Head of Business Operations, LPL said. The appointments became effective immediately.
Steinmeier joined LPL in 2018. He served as the firm’s Managing Director, Chief Growth Officer and, before that, Divisional President, Business Strategy and Growth.
As Chief Growth Officer, Steinmeier led LPL teams responsible for corporate and business line strategy, recruiting financial advisors and institutions, leading the field management of the firm’s employee advisors, creating and deploying capital solutions for the firm’s clients, and leading marketing and communications, LPL said.
Before joining LPL, Steinmeier was a wealth management executive at UBS and Merrill Lynch. He also worked as a consultant for McKinsey & Company earlier in his career.
According to a press release early this month, the LPL Board terminated Arnold for violating the firm’s Code of Conduct regarding statements to employees and a respectful workplace. A special committee of Directors made the recommendation. An outside law firm also conducted an investigation.
Steinmeier said, “The success of LPL is shaped by the clear-eyed view from our talented team that all Americans deserve access to sound financial advice. It is an incredible honor to lead the company that delivers on this purpose.”
Steinmeier added: “I’m fortunate to collaborate with Matt and our leadership team to elevate our service to clients, provide rewarding careers for our people, and to build on our momentum as one of the fastest growing companies in wealth management.”
According to Audette, “We’re operating from a position of strength with a leadership team that is sharply focused on supporting our clients’ success through innovative solutions. I look forward to continuing my partnership with Rich as we expand on our leading position in the advisor-centered marketplace and enhance value for all the stakeholders we serve.”
Audette joined LPL as CFO in 2015 and took on responsibility for the firm’s business operations in 2023. He is responsible for the firm’s financial, risk, compliance and client operations functions. Audette also oversees the teams responsible for delivering strong risk management and increased operational speed and transparency to advisors and institutions.
Audette has led corporate acquisitions, debt transactions, the client deposit portfolio, expense management and capital allocation.
Before joining LPL, Audette served as Executive Vice President and CFO of E*Trade.
“LPL is fortunate to benefit from an exceptionally strong team with leaders who have a clear vision for the continued success of the business,” said Jim Putnam, Chair of the LPL Financial Board of Directors.
“Rich’s appointment to CEO, which reflects the Board’s succession plan, is a testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” Putnam said.
“With Rich as CEO and Matt in his expanded role as President, the Board is confident that LPL’s trajectory of high performance and its steadfast commitment to serving clients will continue to build stakeholder value,” Putnam added.
LPL supports over 23,000 financial advisors, including those at about 1,000 institutions and 580 RIAs.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
