LPL Monetary is a basic instance of a “legacy agency”—constructed over time on a stable and enduring basis.
Whereas many might view long-standing corporations as immutable and resistant to alter, LPL’s new CEO, Rich Steinmeier, is proving that’s a false impression.
LPL exhibits that enduring legacies constructed to final are these established on a stable basis of the previous whereas constantly evolving and reworking to develop into higher and stronger for the longer term.
LPL was born in 1989 from the merger of two small brokerage corporations, Linsco and Personal Ledger, and was designed as a substitute for conventional Wall Road corporations. The founders’ imaginative and prescient centered on serving to monetary professionals construct aggressive companies whereas serving their purchasers’ greatest pursuits.
But, as Wealthy places it, LPL’s foundational legacy is in the way it views its advisors: They’re LPL’s purchasers, and the custom of treating advisors like “folks, not accounts,” stays at present.
Since Wealthy rose to the rank of CEO in October 2024, his position has been to advance LPL worth propositions, corresponding to caring for advisors and establishments to allow them to maintain purchasers.
On this candid dialog with Louis Diamond, Wealthy shares a behind-the-scenes perspective of the agency, together with:
It’s a uncommon, candid dialog with the CEO of one of many hottest wealth administration corporations within the trade.
