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LPL CEO Dan Arnold

Industry Spotlight > Broker Dealers

LPL Fires CEO Dan Arnold for Misconduct

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What You Need to Know

  • Arnold made statements to employees that violated LPL’s code of conduct, an investigation found.
  • The firm named Rich Steinmeier, its chief growth officer and a managing director, as interim CEO.
  • Arnold's compensation in 2023 was $16.9 million — with close to $12 million tied to stock awards, much of which will now be automatically forfeited.

LPL Financial says it has fired President and CEO Dan H. Arnold for violating LPL policies tied to “a respectful workplace.” He has also resigned from the board.

Rich Steinmeier, the broker-dealer’s chief growth officer and a managing director, is now interim CEO.

The board ended Arnold’s employment “for cause” based on the recommendation of a special committee of directors, following an investigation led by an outside law firm finding that he made statements to employees that violated the firm’s code of conduct.

“LPL’s Code of Conduct requires every employee, no matter their title, to foster a supportive and professional workplace and show respect to each other, our stakeholders and the broader community,” said Chair James Putnam, in a statement. “Mr. Arnold failed to meet these obligations.”

As for Steinmeier’s appointment, Putnam said: “The board has every confidence in Rich and LPL’s seasoned management team to ensure a smooth and stable transition.”

Steinmeier, 50, has been in his current role since May and served as divisional president, business strategy and growth from August 2018 to April 2024. Earlier he worked at UBS Financial, Merrill Lynch and McKinsey & Co.

See: LPL’s Steinmeier: Who Are You Calling an IBD?

As for Arnold, he became CEO in early 2017, when Mark Casady retired after nearly 15 years in the role. He became president about two years earlier when Robert Moore abruptly left that post.

Prior to becoming president, Arnold spent nearly three years as LPL’s CFO; he joined the broker-dealer in late 2006 from U-VEST Financial Services.

Arnold’s Pay

In 2023, Arnold received a compensation package of $16.9 million — roughly $11.9 million of which was tied to stock awards, according to company filings.

Since Arnold was terminated by LPL on Tuesday for “cause,” he will receive no severance benefits and will lose the bulk of stock awards in his incentive plans, according to an SEC filing.

The board’s Compensation and Human Resources Committee, though, decided to defer the automatic forfeiture a portion of his vested stock options, “subject to the satisfactory negotiation of and Mr. Arnold’s entry into a settlement agreement for the benefit of the company and its shareholders,” the filing states. 

If LPL and Arnold fail to reach a deal on a settlement agreement acceptable to the board, he will lose the remaining vested options “and the board will take such other related action as it deems appropropriate.” 

LPL worked with roughly 23,460 advisors and some $1.5 trillion in assets as of June 30.

It said early Tuesday that it had wrapped up its its purchase of Atria Wealth Solutions, which works with about 2,400 advisors and 150 banks and credit unions with a total of $100 billion of brokerage and advisory assets. It also expects to “meet or exceed its retention target of 80%.”

LPL’s share were down 5% at about 7: 30 p.m. in New York in after-hours trading.

Related: Ameriprise Sues LPL Over ‘Shocking’ Recruiting Tactics

Pictured: Dan Arnold


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