Bloomberg Surveillance · Sep 28, 2026
With Rich Steinmeier, CEO of LPL Financial
LPL Financial has over 32,000 financial advisors and $2.6 trillion in assets, and its chief executive said the traditional 60-40 portfolio is giving way to 40-30-30.
For decades the standard mix was 60% stocks and 40% bonds. Rich Steinmeier said that over the last five years advisors have been moving a large share of client money into alternatives.
"And so you see increasing exposure into alternatives."
Rich Steinmeier, CEO of LPL Financial, on Bloomberg Surveillance, runs the third-largest broker-dealer in the US, behind Morgan Stanley and Merrill Lynch. He joined the firm eight years ago.
The full segment is covered here so you can skip it.
Here are the 11 insights that matter.
Key Takeaways
The 60-40 portfolio is becoming 40-30-30, with more going into alternatives
AI lets an advisor give deeper, more personal advice to every client, not only the largest
Advisors leave the big brokers to own their business, and they get capital gains treatment when they sell it
Scale now decides who can keep up on technology
LPL had $600 billion of assets when he joined and has $2.6 trillion now
He expects stocks to move sideways, with the S&P 500 already at LPL's full-year target
Clients are holding their winners rather than taking profits before quarter end
1. LPL Is No. 3
The host asked Steinmeier to explain what LPL does, since many listeners know the name without knowing the business.
The third-largest broker-dealer in the US
"We're the third largest broker dealer in the U.S." — Rich Steinmeier
He said the ranking runs Morgan Stanley, Merrill Lynch, then LPL Financial.
"We largely are oriented to support independent financial advisors." — Rich Steinmeier
"So we have over 32,000 financial advisors that affiliate with the firm, 2.6 trillion in assets under management." — Rich Steinmeier
