LPL Financial, the independent broker/dealer with more than 23,000 advisors, said its board of directors has terminated President and CEO Dan Arnold for violating the company’s respectful workplace policies. He’s also resigned from the board. Rich Steinmeier, managing director and chief growth officer, will serve as interim CEO, effective immediately.  

In a statement, LPL said Arnold was fired for cause after an investigation by an outside law firm found “he made statements to employees that violated LPL’s Code of Conduct.”

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“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 James Putnam, chair of the board of directors. “Mr. Arnold failed to meet these obligations.”

An SEC filing says Arnold is not entitled to receive severance benefits and that his outstanding equity awards, whether they’re vested or not, are subject to automatic forfeiture. The company’s stock price was down nearly 5% in after-hours trading.

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Arnold joined LPL in 2007 after spending 12 years leading UVEST, a broker/dealer that was acquired by LPL, as a divisional president of LPL’s institution services business. He was named CEO of the company in 2016, when then-Chairman and CEO Mark Casady announced his retirement. Under his tenure, LPL’s total return to shareholders was 537%. 

He led LPL through several changes, including the acquisitions of National Planning Holdings, Crown Capital Securities, Boenning & Scattergood, to name a few. LPL also announced Tuesday that it closed on its acquisition of Atria Wealth Solutions. The firm expects to retain 80% of Atria advisors, with the onboarding to be complete in mid-2025.

Rich Steinmeier joined LPL in 2018 as managing director and head of business development. He was previously a managing director and chief digital officer at UBS Wealth Management USA. Steinmeier, 50, was promoted to chief growth officer in May 2024.

Arnold did not immediately respond to a request for comment.