For a year distinguished by its landmark acquisition of Commonwealth Financial Network, LPL Financial is teeing up CEO Rich Steinmeier for a threefold pay increase.
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Steinmeier stepped into LPL’s top job in 2024 following the ouster of former CEO Dan Arnold. But the $14.6 million Steinmeier will receive for 2025 — if shareholders of the publicly traded firm approve the compensation proposal laid out Thursday in a preliminary proxy statement — will still trail what some of his direct counterparts at other IBDs and regional firms make.
With more than 32,000 advisors, $2.4 trillion in client assets and $17 billion in revenue last year, LPL is easily the largest independent broker-dealer in the industry.
By comparison, Edward Jones has more than 20,000 advisors and $2.5 trillion in client assets. CEO Penny Pennington, in her position since 2019, is receiving nearly $28 million in total compensation for 2025.
Meanwhile, CEOs at many of the Wall Street mainstays LPL recruits advisors from can make Steinmeier’s pay seem almost paltry. Morgan Stanley, for instance, is paying CEO Ted Pick $45 million for 2025 — though with its massive wealth management, investment banking and asset management divisions, Morgan Stanley is a more complex business.
READ MORE: Here’s what wealth management CEOs were paid for 2024
LPL pushes Steinmeier’s pay closer to industry counterparts
LPL’s proposal to triple Steinmeier’s compensation is a decisive step toward bringing his pay in line with the CEOs of other big wealth managers. The pay package dwarfs the original $4.7 million Steinmeier received for 2024, which was lifted closer to $12 million by long-term incentive awards he received in February 2025.
And it’s not far behind the compensation approved for another recently anointed industry CEO. Paul Shoukry, who became the top executive of LPL rival Raymond James in February last year, is taking home $16.7 million in total compensation for 2025. Raymond James has nearly 9,000 advisors and $1.7 trillion in client assets.
Steinmeier’s short time at the top has been defined by big deals. He helped oversee the incorporation of Atria Wealth Solutions, a firm LPL bought in 2024, and the provision of custodial, brokerage and advisory services to the wealth management arm of Prudential Financial, as part of a deal reached in 2023.
Overshadowing that, however, has been LPL’s acquisition in August 2025 of Commonwealth Financial Network, a long-standing industry rival then with roughly 3,000 advisors and $305 billion in client assets. LPL executives initially said they intended to retain at least 90% of those assets and have repeatedly expressed confidence that they will hit that goal.
Jason Diamond, the president of the advisor recruiting firm Diamond Consultants, said it’s entirely possible Steinmeier’s proposed compensation has little to do with his perceived performance on the Commonwealth deal and other recent transactions.
“His pay is not so high relative to his peer set, and he’s got an advisor force as big as any on the Street, or even bigger,” Diamond said. “My guess is that Rich’s compensation is just going to go up pretty steadily over the next couple of years.”
Steinmeier’s CEO predecessor, Dan Arnold — who was fired for failing to maintain a respectful workplace — was paid $26 million in his last year on the job. That included $13 million in redeemed stock awards granted in previous years.
LPL acknowledged in a statement that Steinmeier’s pay is lower than that of many his fellow CEOs.
“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. “Our CEO’s compensation remains below the median of our peer group and below levels typically seen in the broader market.”
READ MORE: Financial advisor pay is ‘one of the most powerful strategic levers’ for RIAs
Steinmeier’s comp breakdown, and what other LPL executives make
The proposed $14.6 million package for Steinmeier consists of a $900,000 base salary, just over $10 million in stock awards, nearly $3.6 million in nonequity incentives and nearly $38,000 in other forms of compensation. The total is 156 times the $93,417 that LPL employees make on average. (That figure does not include the pay of most LPL financial advisors, who tend to be independent contractors rather than direct employees.)
For others in LPL’s C-suite, the firm’s proxy statement calls for more than doubling President and Chief Financial Officer Matthew Audette’s compensation, from nearly $4.4 million to just over $10 million. Audette was given the title of president at the same time that Steinmeier was named CEO.
Also under the preliminary proxy proposal, Chief Client Officer Matthew Enyedi would see his total compensation rise by 25% to just over $3.6 million. Chief Technology and Information Officer Greg Cates would see his compensation increase by 19% to nearly $4.6 million. And Chief Wealth Officer Aneri Jambusaria, on the list for the first time, would receive roughly $2.5 million.
LPL shareholders are scheduled to vote on the preliminary proxy proposal at the firm’s annual meeting on May 14.
