With Rich Steinmeier – CEO, LPL Financial

Overview

Rich Steinmeier offers a candid perspective of LPL’s journey and how the founding core principles remain a pillar of the business today, even as evolutionary changes have made it one of the hottest firms in the industry.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

LPL Financial is a classic example of a “legacy firm”—built over time on a solid and enduring foundation.

While many may view long-standing firms as immutable and resistant to change, LPL’s new CEO, Rich Steinmeier, is proving that’s a misconception.

LPL shows that enduring legacies built to last are those established on a solid foundation of the past while continuously evolving and transforming to become better and stronger for the future.

LPL was born in 1989 from the merger of two small brokerage firms, Linsco and Private Ledger, and was designed as an alternative to traditional Wall Street firms. The founders’ vision centered on helping financial professionals build competitive businesses while serving their clients’ best interests.

Yet, as Rich puts it, LPL’s foundational legacy is in how it views its advisors: They are LPL’s clients, and the tradition of treating advisors like “people, not accounts,” remains today.

Since Rich rose to the rank of CEO in October 2024, his role has been to advance LPL value propositions, such as taking care of advisors and institutions so they can take care of clients.

In this candid conversation with Louis Diamond, Rich shares a behind-the-scenes perspective of the firm, including:

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• Raising to the ranks of CEO—and his vision for LPL now and in the future.
  
• A look back at the legacy—and how the foundational tenets are informing their direction and goals.
  
• Continually raising the service level bar—and why “finding more ways for advisors to win” is such an important concept.
  
• The variety of ways for advisors to affiliate with the firm—and how that’s transforming the way advisors consider independence.
  
• The succession crisis—and how LPL sees an opportunity for advisors and their businesses.
  
• Their path to becoming a $1.8T firm—and what’s driving their growth.
  

It’s a rare, candid conversation with the CEO of one of the hottest wealth management firms in the industry.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

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Succession and Liquidity: Key Considerations and Options for Founders and Next Gens

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Rich Steinmeier

Chief Executive Officer

Before becoming CEO in 2024, Mr. Steinmeier served as LPL Financial’s Chief Growth Officer, where he led teams responsible for shaping the LPL corporate and business line strategy, recruiting new financial advisors and institutions to LPL, leading the field management of LPL employee advisors, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions.

Prior to joining LPL Financial, Mr. Steinmeier had senior leadership roles at UBS Financial and Merrill Lynch as well as working as a consultant for McKinsey & Company.  Rich earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University as an Arjay Miller Scholar.

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