Three weeks after Arnold's ouster, LPL names Steinmeier permanent CEO

LPL Financial has named Rich Steinmeier as the official replacement for freshly ousted CEO Dan Arnold.

Steinmeier has been serving as CEO of the independent broker-dealer powerhouse since Oct. 1, when Arnold was fired for failing to maintain a respectful workplace. Steinmeier joined the firm from UBS in 2018 and served as divisional president for business strategy and growth in his first six years before being appointed chief growth officer in May 2024.

"The success of LPL is shaped by the clear-eyed view from our talented team that all Americans deserve access to sound financial advice," Steinmeier said in a statement. "It is an incredible honor to lead the company that delivers on this purpose."

LPL also announced Steinmeier has been elected to its board of directors.

"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," said Jim Putnam, the chairman of the LPL board.

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Steinmeier's appointment as permanent CEO fulfilled the predictions of various industry analysts. 

In a note released shortly after Arnold's ouster, Steven Chubak of Wolfe Research wrote, "Steinmeier has been the primary architect of [LPL's] growth strategy in recent years, and the strong relationships he has fostered with [LPL's] advisors/enterprise partners has been instrumental to the company's success."

Also on Monday, LPL announced that its board had named Matt Audette the firm's president and chief financial officer. The new titles expand Audette's previous roles as chief financial officer and head of business operations, according to LPL.

Audette joined LPL in 2015 from E-Trade, where he had also served as chief financial officer. He took on responsibility for the firm's business operations in 2023.

"We're operating from a position of strength with a leadership team that is sharply focused on supporting our clients' success through innovative solutions," Audette said in a statement.