Following CEO Dan Arnold's sudden firing earlier this month, LPL's board has chosen Steinmeier as his permanent replacement, while CFO Matt Audette adds president to his title.
The 58-year-old RIA pioneer and architect of Mercer’s rapid growth-by-acquisition strategy oversaw almost 90 deals during his tenure. Martine Lellis, principal of M&A partner development, will take on his responsibilities.
Separate lawsuits have LPL Financial and Ameriprise Financial battling over advisors leaving, claiming breach of contract and misuse of confidential client information.
The agency said the investment manager failed to adhere to its own investment criteria on three ESG-marketed ETFs that WisdomTree shuttered earlier this year.
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