LPL Financial LLC., the nation’s largest independent broker-dealer, has named Richard Steinmeier as the firm’s new managing director and head of business development, effective mid-August. The role was previously held by Bill Morrissey, who is retiring from the firm.
Steinmeier joins LPL from UBS Global Wealth Management where he was most recently managing director and chief digital officer for UBS Wealth Management USA. He joined UBS in 2012 as managing director and head of the emerging affluent segment and the wealth advice center.
“Rich has a wealth of experience and a stellar reputation in our industry, but he also brings valuable outside perspective having spent meaningful time in other industries,” said Dan Arnold, LPL president and CEO. “Rich’s digital experience and strategic agility will help us optimize the way we attract new advisors to our firm and to existing advisor practices, unlocking new value across the ecosystem.”
Prior to UBS, Steinmeier held a variety of leadership roles at Merrill Lynch, including director of strategy and analytics and director of business development. He also spent six years at McKinsey and Company.
He holds a bachelor’s degree in economics from the Wharton School at the University of Pennsylvania and a master’s in business administration from Stanford University.
Steinmeier will relocate from New Jersey to California to work out of LPL’s corporate offices in San Diego.
LPL Financial oversees approximately $648 billion in brokerage and advisory assets as of March 31, 2018 and serves more than 16,000 financial advisors.