LPL Financial CEO Richard Steinmeier received $14.57 million in salary, stock awards and other compensation in 2025, according to a proxy statement filed Thursday with the Securities and Exchange Commission. Steinmeier, appointed to the CEO spot in October 2024 after then-CEO Dan Arnold was fired, had a total pay package of over $4.7 million in 2024.
Last year, Steinmeier's base salary was $900,000. He also received about $10 million in stock awards, nearly $3.6 million in a non-equity incentive payout and close to $38,00 in other compensation.
In its explanation of his pay package, the firm cited Steinmeier's role in setting the company's strategic direction with a focus on maintaining LPL's client-centricity, helping employees support advisors and clients, delivering strong organic asset growth, completing Atria Wealth Solutions' integration and closing the acquisition of Commonwealth Financial Network.
While the compensation committee determined that LPL's 2025 performance exceeded business goals overall, it noted some shortfalls, including lower-than-expected new store sales and higher attrition, which resulted in a below-target organic growth rate.
"Recruited assets were below target, driven by lower-than-expected industry churn in the traditional independent broker-dealer space and our focus on Commonwealth Financial Network related recruiting," the proxy states.
LPL shares rose 3% Friday, after the broker-dealer said its advisory and brokerage assets were $2.4 trillion as of Feb. 28, up nearly 1% from January and over 33% from a year ago. Total organic net new assets were $9.1 billion last month.
"As LPL continues on its growth trajectory, we are aligning our CEO's compensation with the company's performance and with competitive market practices," the firm said in a statement emailed to ThinkAdvisor on Friday.
"Our CEO's compensation remains below the median of our peer group and below levels typically seen in the broader market. The adjustments we are making reflect our commitment to ensuring pay remains market‑competitive while firmly rooted in performance and long‑term value creation for shareholders," LPL added.
— Janet Levaux contributed to this report.
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