MiB: Rich Steinmeier LPL CEO on The Future of Financial Advice

This week's interview features Rich Steinmeier, Chief Executive Officer of LPL Financial Holdings Inc., the country's largest independent broker-dealer. With 32,000 advisors managing $2.6 trillion in assets, LPL recently completed a $2.7 billion acquisition of Commonwealth Financial Network. Steinmeier, who holds a BS in economics from Wharton and an MBA from Stanford, has an impressive background spanning consulting, Merrill Lynch, UBS, and LPL.

During his time at Merrill Lynch, Steinmeier led the Financial Advisory Center through the financial crisis, which eventually evolved into Merrill Edge after Bank of America took over the firm. He then joined UBS as Chief Digital Officer, where he developed the company's digital and robo-advice strategy.

In October 2024, Steinmeier assumed the role of CEO at LPL, where he now focuses on business development. His leadership style is characterized by transparency and risk mitigation. Steinmeier emphasizes the importance of identifying potential risks, outlining mitigation strategies, and maintaining open communication, even when delivering bad news.

In addition to his professional experiences, Steinmeier has developed a personal reading list, which includes "The Toyota Way, Second Edition: 14 Management Principles from the World’s Greatest Manufacturer," "On Writing: A Memoir of the Craft" by Stephen King, and several other titles. He also recommends listening to his podcast, "The Masters in Business," featuring interviews with public-company CEOs and CFOs.