Rich Steinmeier will take the reins from Bill Morrissey in mid-August.

Independent broker-dealer LPL Financial says longtime executive Bill Morrissey is retiring and that his role as head of business development will be taken on by former UBS wealth executive Richard Steinmeier in mid-August.

Morrissey joined LPL in 2004 and has led its business-development efforts since October 2006. According to the IBD, he is retiring “to spend more time with his young family.”

The departing executive’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,” said LPL President and CEO Dan Arnold in a statement.

LPL has 16,067 affiliated advisors vs. 10,654  employee reps at UBS, about half of whom are based in the Americas.

For the past five years, Steinmeier was head of UBS Wealth Management America’s Emerging Affluent and Wealth Advice Center, according to his LinkedIn profile. Also served as chief digital officer for the unit, after spending six years at Merrill Lynch and six years at McKinsey and Company.

“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,” said Arnold.

“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 statement. “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.”