Rick Steinmeier's hire is timely for LPL CEO Dan Arnold as the post-Mark Cassady game has changed.

September 14, 2018 — 9:03 AM UTC by Brooke Southall


Brooke's Note: Bill Morrissey was that last guy from the era of Bill Dwyer, Derek Bruton and Mark Casady. He was a bread-and-butter executive who did what LPL had to do to get to where it is atop the broker-dealer heap -- sell like crazy. But as the sales game morphs into the digital game -- in broad terms -- LPL is gambling on a younger guy whose career achievements center around marrying digital technology to broker-dealers with sales cultures. Steinmeier now has a profound challenge -- and opportunity.

In a move widely telegraphed at LPL Financial after a period of slumping sales and a series of recruiting departures, the IBD has boldly marked out the end of an era and appointed UBS' digital whizz Richard Steinmeier as managing director and head of business development, effective mid-August.

Bill Morrissey
Bill Morrissey's imminent departure became an open secret after he helped oversee a sales blitz targeting Kestra, Ameriprise and Cetera.

Steinmeier's gain, however, is Bill Morrissey's loss as the long-time LPL executive departs, ostensibly to "spend more time with his young family", according to the press release announcing the change.

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.

Recently he was featured in RIABiz for leading UBS' collaboration with SigFig to bring UBS into the digital age. See:  Mike Sha's robo-advisor faced tough choices until two wirehouses offered unique partnerships -- and maybe a new business model to boot.

“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.”

He added later in the release: “Bill’s hard work and commitment over 14 years contributed to the company’s success in a variety of different ways, and we wish him well.”

Key to the changing of the guard -- frequently commented on off the record by recruiters -- was Morrissey's failed "disruption campaign" targeting Kestra, Ameriprise and Cetera. Morrissey had seen such a campaign as payback for perceived predatory recruiting from those firms after they went after NPH reps in transition after LPL announced it would buy it. See: LPL Financial wages 'war' on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of sale.


Prior to UBS, Steinmeier held roles at Merrill Lynch, including as director of strategy and analytics and director of business development. He also spent six years at McKinsey and Co. Steinmeier graduated from the Wharton School at the University of Pennsylvania with a BS in economics in 1996. He received his M.B.A. from Stanford University in 2002.

Dan Arnold
Dan Arnold wished Bill Morrissey well, but looks to a Steinmeier future.

“This is an exciting time to join LPL as the company looks to continue its growth – both organically and through strategic M&A,” said Steinmeier in a release. “LPL has reached a point in its journey where it can begin to engage differently with prospective clients from all market segments. I’m eager to join the management team and take on this important work with my colleagues.”

Morrissey joined LPL from Fidelity Investments where he worked for 17 years, leaving off as senior vice president of institutional services. In this role, he managed all wholesalers west of Mississippi selling to wirehouse and regional broker dealers. He also served as senior vice president at Merrill Lynch, where he developed the high-net-worth unit to support wealth-management business in New England.

Now, however, as Steinmeier takes over, his different background and experiences will be key to any changes at LPL, he says in a Q&A posted on the LPL website.

"My experience can help me be a mouthpiece for clients inside LPL, and at the same time I can represent to prospective advisors LPL’s capabilities, and the role technology plays in an advisor’s practice, so they fully understand what we offer," he says.

LPL Financial's previous effort at going after the emerging affluent involved the formation of Nestwise under Esther Stearns. Why exactly LPL Financial nixed NestWise and how OSJs, once again, may be wagging the big dog

Steinmeier lives in New Jersey and will relocate to California to work out of LPL’s corporate offices in San Diego. He has a taste for turnaround situations as a Cleveland sports fan. "I’m a diehard -- and long suffering-- Cleveland sports fan, and was excited to take my daughter to Cleveland for the parade after the Cavs won the world championship," he said in the Q&A.

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