MiB: Rich Steinmeier LPL CEO on The Future of Financial Advice
This week, I speak with Rich Steinmeier , Chief Executive Officer of LPL Financial Holdings Inc. (Nasdaq: LPLA), the largest independent broker-dealer in the country, with 32,000 advisors and $2.6 trillion in brokerage and advisory assets.
He earned a BS in economics from Wharton and an MBA from Stanford, and began his career as a consultant at McKinsey. In 2006, he joined Merrill Lynch to bring the brand to the mass-affluent market, running the Financial Advisory Center through the financial crisis; that call-center business became Merrill Edge after Bank of America acquired the firm. He moved to UBS, where, as chief digital officer, he built out the firm’s digital and robo-advice strategy. He joined LPL in 2018, running business development, and was named CEO in October 2024. Earlier this year, LPL closed its $2.7 billion acquisition of Commonwealth Financial Network.
We discuss how running a call center through 2008 taught him to lead under stress: name the risks, explain how you are mitigating each one, and be as transparent as possible even when the news is bad.
A list of his favorite books is here; A transcript of our conversation is available here Tuesday .
You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg . All of our earlier podcasts on your favorite pod hosts can be found here .
Be sure to check out our Masters in Business next week with Ann Berry , founder and Managing Partner of Threadneedle , an operating and capital advisory platform providing strategic guidance, operating support, and capital to high-growth private companies and investment platforms. She is also General Partner of the Threadneedle Opportunity Fund , investing in data analytics, AI, and web3 companies at the seed stage alongside Alexis Ohanian’s venture firm, 776 . Berry also hosts After Earnings , Morning Brew’s interview podcast with public-company CEOs/CFOs.
Current Reading
The Toyota Way, Second Edition: 14 Management Principles from the World’s Greatest Manufacturer
On Writing: A Memoir of the Craft by Stephen King
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