Rich Steinmeier

Q&A with LPL’s New Head of Business Development, Rich Steinmeier

June 25, 2018

LPL Financial

Rich Steinmeier will join LPL in mid-August as LPL’s new managing director and head of business development. We sat down with him to discuss his background and experience, his new role and his thoughts about joining LPL.

How do you think your digital experience will help you in your new role at LPL?

Rich: Advisors are at the hub of the client relationship, and technology and digital capabilities can significantly enhance their ability to run productive practices, deeply engage their clients, and augment their own capabilities with digital interactions. My experience can help me be a spokesperson 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.

Coming from outside the firm, what were your impressions of LPL?

Rich: I’ve always had a strong admiration for LPL. I really love the entrepreneurial nature of the firm, and the fact that it’s dedicated to independence, with a mission that focuses on and is dedicated to supporting advisors. I’m passionate about supporting advisors, and helping them meet their goals, while they focus on their important work which is helping their clients meet financial goals and objectives.

What interested you most about the opportunity to join LPL?

Rich: I was most energized by the fact that I would be helping advisors to formulate plans to drive growth at their own practices – whether that’s new advisors joining LPL and leveraging the firm’s full capabilities, or existing LPL advisors who want to grow by recruiting new advisors to their practices. I am passionate about advocating for advisors, and have a tremendous amount of respect for the risks they take to start their own businesses, the challenges they face, and what they do every day to help their clients. I’m excited to help advisors build thriving practices, and also build legacies.

How do you envision spending your first 90 days with LPL?

Rich: I look forward to meeting the Business Development team and employees at LPL, and also spending a lot of time meeting with our clients. I know LPL serves, and is committed to serving, a wide range of advisors with various business models. As I think about recruiting and helping the company grow, it’s important to understand from current advisors what they think of the firm, where we can improve, and how we can better serve their needs and the needs of their clients.

How do you see diversity and inclusion driving growth for a firm like LPL?

Rich: I think it’s critical for a company to have capabilities that can help advisors serve all clients broadly. Not all clients have the same needs or the same backgrounds, so to be front-footed on a topic as critical as diversity – recognizing that unique groups have unique needs – is something that will serve the firm well over a longer time period. It’s also important for a firm like LPL to attract diverse advisors who can serve clients in diverse communities. I am excited to know that LPL seeks to be a leader in this space.

How do you like to spend your time outside of work?

Rich: I spend most of my time outside of work with my family. 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. I was also happy to coach my daughter’s basketball team at school this past year.