Richard is a graduate of Vassar College, Poughkeepsie, New York. He received his Master of Business Administration degree from the University of Chicago and his J.D. from Northwestern University School of Law.
Upon graduation from law school, he joined the Chicago law firm of Bell, Boyd & Lloyd and was made partner in 1991. Richard joined Dain Bosworth, a predecessor to RBC Wealth Management, as a financial advisor in 1996.
Richard served on the Vassar College Board of Trustees from 1982 to 2006, with the exception of a one-year hiatus during which he served as national co-chair of the $200 million Campaign for Vassar. He served as board chair from 1996 to 2006. From 1989 to 1993, he served as the chair of the Board’s Budget and Finance Committee, and he served on the Investment Committee from 1986 to 2008.
In 2004, Richard joined the Sioux Falls Area Community Foundation (SFACF) Board of Directors, serving until 2013. He was chair of the SFACF Board from 2011 to 2012 and chair of the SFACF Investment Management Committee from 2005 to 2011; he continued to serve on the Investment Management Committee from 2011 through June 2018.
Richard has also served on the governing boards of Washington Pavilion Management Inc. (serving as chair from 2012–2013), the Center for Western Studies, Sioux Valley (now Sanford) Hospitals and Health System, and the South Dakota Symphony Orchestra.
Richard is currently on the board of Friends of the Levitt at the Falls. He is also a member of the State Bar of South Dakota.
Richard lives in Sioux Falls with his wife, Michelle, who is a neuro critical care nurse practitioner. Richard and Michelle have two children, Andrew and Hannah.