Rich Steinmeier, newly appointed CEO of LPL Financial Holdings Inc., announced the company's focus on attracting high-revenue-producing advisors and expanding alternative investment offerings.

According to InvestmentNews, LPL has expanded its custodial and operational infrastructure for alternatives and has grown its alternative investments unit to over 20 professionals. Those staff members focus on due diligence and advising clients on alternative assets, which carry higher fees but also increased risks.

InvestmentNews observes that Steinmeier's strategy aligns with LPL's efforts to build a stronger presence in the private wealth management market. Over the past year, LPL's Private Wealth Management division, targeting wirehouse advisors with high-net-worth clients, has recruited four advisor teams overseeing $2 billion in assets. LPL also is expanding into services like advanced planning and capital markets access, aiming to compete directly with major wirehouses.

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