Nearly six months into his tenure as CEO of LPL Financial, Rich Steinmeier is charting a new course for the firm—one aimed squarely at RIAs and high-performing wealth advisors.
“The firm has traditionally defined itself as an independent broker-dealer,” Steinmeier tells Barron’s Advisor. “But we’re now positioning LPL as a full-spectrum wealth management company. We’re setting our sights on firms like Merrill, Morgan Stanley, and Schwab—not just to compete, but to outperform.”
With nearly 29,000 advisors and $1.7 trillion in assets under management, LPL is already a force in the space. But Steinmeier’s ambition is to make LPL “the unparalleled leader in wealth management”—a firm that consistently delivers value to advisors, especially those seeking independence with institutional-grade support.
Steinmeier stepped into the CEO role in October following the board’s decision to part ways with former CEO Dan Arnold over violations of the company’s code of conduct. Previously LPL’s chief growth officer, Steinmeier joined the firm in 2018 after senior roles at UBS and Merrill Lynch. While he won’t comment on Arnold’s exit, he emphasizes that he felt ready to lead.
“I’ve spent years learning this business inside and out, building trust with our advisors and employees, and preparing to lead at scale,” he says.
Still, the role comes with new challenges. He’s now responsible for a broader base of stakeholders and the strategic direction of a firm that is increasingly scrutinized by RIAs and institutional partners alike.
“We're not just managing day-to-day anymore,” he says. “We’re defining what kind of firm we want to be five and ten years from now—and building toward that vision.”
For RIAs considering LPL, that vision includes a renewed investment in platform enhancements, advisor technology, and operational efficiency. Steinmeier stresses that streamlining workflows and improving client experience are front and center.
“If we identify a friction point in the advisor experience, our job is to fix it—quickly,” he says. “Every inefficiency we eliminate gives time back to our advisors to focus on clients and growth.”
LPL is also doubling down on talent—attracting, motivating, and retaining top-tier professionals across the organization. “We know that delivering for advisors starts with our own people,” he says. “We’re creating a culture where the best want to work and stay.”
That internal focus comes as LPL evaluates its expense structure more aggressively. During its January earnings call, the firm reported a 35% year-over-year rise in quarterly expenses, reaching $3.17 billion. Even so, earnings beat expectations, and the market responded positively.
Despite broader market headwinds—particularly in the financial sector—LPL’s stock is flat year to date, outperforming the S&P 500’s 4.3% decline. Still, Steinmeier acknowledges that equity market pressure can impact fee-based revenue and recruiting momentum.
But there’s opportunity in volatility, he says. “Periods of market stress drive investors toward advice. And when they look for advisors, they want quality. That’s where we come in.”
He also sees challenging markets as a catalyst for advisor movement. “A downturn forces reflection. Advisors take a hard look at whether their current firm is built to help them grow through all cycles. That’s when LPL shines.”
Steinmeier’s message to RIAs is clear: LPL isn’t just aiming to be bigger—it’s focused on being better. The firm is evolving into a true partner for independent advisors and fiduciary firms seeking scalable growth, operational support, and a client-first culture.
“If you’re an advisor thinking about what comes next for your practice, I want LPL to be at the top of that list,” he says. “We’re building a firm where you don’t have to choose between independence and world-class support.”
Looking ahead, Steinmeier hopes LPL’s advisor base will feel the impact of these strategic investments.
“A year from now, I want our advisors and teams to say, ‘LPL listened, and they delivered,’” he says. “Because exceeding expectations is how we become the destination of choice for the best in this industry.”
