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    Rich Steinmeier

    Chief Executive Officer at LPL Financial Holdings Inc
    Since October 17, 2024
    Age
    51 years
    Education
    Earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.
    Tenure
    Joined LPLA in 2018, initially serving as Divisional President, Business Strategy and Growth; later as Managing Director, Chief Growth Officer from May 2024 to October 2024; and was appointed CEO on October 17, 2024.

    Also at LPL Financial Holdings Inc

    AJ
    Aneri Jambusaria
    Managing Director of the LPL Services Group
    GG
    Greg Gates
    Managing Director, Chief Technology & Information Officer
    MA
    Matt Audette
    President and Chief Financial Officer

    About

    Rich Steinmeier, at 51 years old , brings a wealth of experience and a strong academic foundation to his role at LPLA. He earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.

    Before joining LPLA, he established an impressive career through senior leadership roles at UBS Wealth Management Americas, Merrill Lynch, and McKinsey & Company. His expertise in digital strategy, growth, and business strategy positioned him as a prominent leader in financial services.

    Since joining LPLA in 2018 , his tenure has seen a rapid rise through the ranks—from serving as Divisional President, Business Strategy and Growth to leading corporate operations as Managing Director, Chief Growth Officer between May 2024 and October 2024, and ultimately being appointed as CEO on October 17, 2024. His initiatives have notably driven the company’s remarkable growth, doubling the organic growth rate and significantly expanding asset and advisor recruitment.

    $LPLA Performance Under Rich Steinmeier

    Past Roles

    OrganizationRoleDate RangeDetails
    LPL Financial Holdings Inc. (LPLA) Managing Director, Chief Growth Officer May 2024 - October 2024 Led teams responsible for shaping corporate strategy, recruiting new financial advisors and institutions, deploying capital solutions, and managing marketing and communications
    LPL Financial Holdings Inc. (LPLA) Interim Chief Executive Officer October 1, 2024 - October 17, 2024 Transition role prior to his official appointment as CEO
    LPL Financial Holdings Inc. (LPLA) Managing Director and Divisional President, Business Development August 2018 - May 2024 Responsible for recruiting new advisors and institutions and exploring merger and acquisition opportunities
    UBS Wealth Management Americas Head of Digital Strategy and Platforms September 2017 - August 2018 Led the development of digital strategy and platforms
    UBS Wealth Management Americas Head of the Emerging Affluent Segment and Wealth Advice Center August 2012 - September 2017 Oversaw the emerging affluent segment and wealth advice center
    Bank of America Merrill Lynch Managing Director of the Merrill Edge Advisory Center February 2009 - August 2012 N/A
    McKinsey & Company Engagement Manager 2002 - 2006 N/A

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Annual Base Salary$900,000 Effective October 21, 2024 Part of the total target annual compensation package approved by the Board at appointment

    Performance Compensation

    Data from  FY 2024

    Target Annual Cash Bonus Opportunity

    MetricDetails
    Target Amount$2.7 million
    Performance MetricsNo performance metrics or vesting details provided
    Additional DetailsPart of total target annual compensation of $12.0 million

    Target Annual Long-Term Incentive Award Opportunity

    MetricDetails
    Grant Date Value$8.4 million
    Performance MetricRelative TSR compared to a Comparator Group
    Performance PeriodFebruary 15, 2024 – February 14, 2027
    Threshold (25th Percentile)50% of target award
    Target (50th Percentile)100% of target award
    Maximum (80th Percentile or above)200% of target award
    Negative TSR CapIf TSR is negative, earned PSUs are capped at 100% of the target award
    Vesting Schedule (PSUs)Vest on the later of the third anniversary of the grant date (February 15, 2027) or when performance is determined
    Award Breakdown60% in PSUs and 40% in RSUs; RSUs vest in equal annual installments over three years
    Grant Date Stock PriceNot specified
    Valuation MethodPSUs valued via a Monte Carlo simulation; RSUs valued based on the stock's closing price on the grant date