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LPL Hires UBS Exec to Head Business Development

By Alex Padalka June 27, 2018

LPL Financial has hired Richard Steinmeier from UBS Global Wealth Management to head its business development unit, according to a press release from LPL.

Steinmeier joins LPL Financial, a wholly owned subsidiary of LPL Financial Holdings, as managing director in mid-August and will move from New Jersey, where he lives now, to LPL’s corporate offices in San Diego, the company says. He had been with UBS since 2012, serving as its managing director and head of the emerging affluent segment as well as its wealth advice center, according to the press release.

Before joining UBS, Steinmeier had stints at Merrill Lynch, including as director of business development, and at McKinsey, LPL says.

“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,” Dan Arnold, LPL president and CEO, says in the press release. “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.”

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Steinmeier is taking over from Bill Morrissey, who’s retiring to spend more time with his family, LPL says.

“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,” Arnold says in the press release.