LPL Financial has named Richard Steinmeier of UBS Global Wealth Management to be managing director and head of business development. Steinmeier replaces LPL’s longtime recruiting chief, Bill Morrissey, who the firm says is retiring.

The change comes at a time when LPL is experiencing increased turmoil following its acquisition last year of Jackson National’s four independent broker-dealers that were part of its National Planning Holdings network. Morrissey was well-respected within the industry and was popular among LPL reps.

Despite a deep bench of talented recruiting executives, LPL opted to look outside the firm for a new business development director. One third-party recruiter speculated that LPL wanted to attract an increased share of breakaway brokers leaving wirehouses. Another noted that Steinmeier oversaw the introduction of UBS's digital advice platform and thus brings another dimension to the job.

LPL has seen a number of executives in its business development group leave this year. In May, Michael Murray, a senior recuiting executive at LPL, resigned to become head of recruiting at Cetera Financial Group. That move raised eyebrows because Cetera is exploring strategic options, including a possible sale.

Steinmeier, who most recently served as managing director and chief digital officer of UBS Wealth Management, does not have a strict recruiting background. He ran the emerging affluent segment at UBS, which he joined in 2012. Before working at UBS, he held several positions at Merrill Lynch, including director of strategy and analytics and director of business development.

“Rich has a wealth of experience and a stellar reputation in our industry, but he also brings valuable outside perspective having spent meaningful time in other industries,” said Dan Arnold, LPL president and CEO. “Rich’s digital experience and strategic agility will help us optimize the way we attract new advisors to our firm and to existing advisor practices, unlocking new value across the ecosystem.”

LPL says Morrissey is retiring to spend more time with his family. “Bill’s hard work and commitment over 14 years contributed to the company’s success in a variety of different ways, and we wish him well,” Arnold said.