Rich Steinmeier Named Chief Executive Officer of LPL Financial; Elected to Board of Directors

Core Insights - LPL Financial Holdings Inc. has confirmed Rich Steinmeier as Chief Executive Officer and Matt Audette as President and Chief Financial Officer, effective immediately [1][2] - Steinmeier's appointment reflects the Board's succession plan and acknowledges his contributions since joining LPL in 2018, during which the company's organic growth rate has more than doubled [2] - The leadership team aims to enhance client service and stakeholder value while maintaining a strong position in the wealth management sector [2] Leadership Changes - Rich Steinmeier, previously interim CEO since October 1, 2024, has been appointed as the permanent CEO and elected to the Board [1][3] - Matt Audette has expanded his role from Chief Financial Officer to include the position of President, overseeing financial, risk, compliance, and client operations [1][4] Company Background - LPL Financial serves over 23,000 financial advisors and approximately 1,000 institutions, emphasizing an advisor-mediated model that allows for personalized financial guidance [5] - The firm operates under the principle that it should work for advisors and institutions, providing them with the freedom to choose their business models and manage client relationships [5]