LPL Confirms Steinmeier as Permanent CEO, Names Audette as President
LPL Financial Holdings Inc.’s board of directors has confirmed Rich Steinmeier as chief executive officer. Steinmeier, who had been interim CEO since Oct. 1, 2024, was also elected to the LPL board.
In addition, the board named Matt Audette as president and chief financial officer, expanding his previous role as chief financial officer and head of business operations. The appointments are effective immediately.
“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 LPL’s board.
“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,” added Putnam, noting that LPL’s organic growth rate has more than doubled since Steinmeier joined the company in 2018 to lead its growth initiatives. “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.”
Steinmeier, age 50, was appointed LPL Financial’s interim CEO on Oct. 1 when LPL’s board of directors terminated Dan H. Arnold, then-president and CEO of LPL, for “violating LPL’s commitment to a respectful workplace.” He also resigned from the board. As previously reported by The DI Wire, Steinmeier had served LPL as managing director, chief growth officer since May 2024 and, prior to that, as divisional president, business strategy and growth from August 2018 to April 2024. As chief growth officer, he led teams responsible for shaping corporate and business line strategy, recruiting new financial advisers and institutions, leading the field management of LPL employee advisers, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions.
Before joining LPL in 2018, Steinmeier held senior leadership roles at UBS Financial and Merrill Lynch, as well as working as a consultant for McKinsey & Company. Steinmeier earned a bachelor’s degree in economics from the Wharton School at the University of Pennsylvania and an MBA from Stanford University.
Audette, also age 50, joined LPL Financial as chief financial officer in 2015 and assumed responsibility for the firm’s business operations in 2023. Audette is responsible for the firm’s financial, risk, compliance and client operations functions. In addition, he oversees the teams responsible for delivering increased operational speed and transparency, along with continued strong risk management, to advisers and institutions. Over Audette’s tenure, he has contributed to the firm’s continued growth and profitability by leading corporate acquisitions, debt transactions, the client deposit portfolio, expense management, and capital allocation.
Prior to joining LPL, Audette served as executive vice president and chief financial officer of E*TRADE Financial Corporation, where he was from May 1999 to July 2015. Audette earned a Bachelor of Science in accounting from Virginia Tech.
“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,” said Steinmeier. “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.”
“We’re operating from a position of strength with a leadership team that is sharply focused on supporting our clients’ success through innovative solutions,” said Audette. “I look forward to continuing my partnership with Rich as we expand on our leading position in the adviser-centered marketplace and enhance value for all the stakeholders we serve.”
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at more than 1,000 enterprises and 580 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled $1.56 trillion as of Aug. 30, 2024.
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