1. **Shopify for independent financial advisors.**

2. **AWS (Amazon Web Services) for independent financial advisory firms.**

3. **RE/MAX for independent financial advisors.**

• Wealth Management and Advisory Platforms: Provides independent financial advisors with integrated technology, research, and administrative tools to offer comprehensive financial planning and investment management services to their clients.
• Brokerage Services: Facilitates the execution of securities transactions and offers access to a wide range of investment products, including stocks, bonds, and mutual funds, for advisors and their clients.
• Custodial and Clearing Services: Acts as a custodian for client assets, providing safekeeping, settlement, and reporting functions for investment portfolios.
• Practice Management and Business Support: Offers comprehensive support services, including compliance, marketing, technology infrastructure, and business consulting, to help independent financial advisors establish, grow, and manage their practices.

LPL Financial (LPLA) primarily sells its services to other companies and entities, not directly to individual investors. Its business model is centered on supporting financial professionals and institutions across the United States.

Due to the highly independent and fragmented nature of its customer base, LPL Financial does not typically have a few "major" customer companies in the traditional sense that are large, publicly traded corporations with disclosed symbols. Instead, its customer base consists of thousands of independent businesses and institutions that leverage LPL's platform, technology, and compliance services. The primary categories of these customer entities include:

• Independent Financial Advisors and Wealth Management Firms: These are independent businesses, often structured as sole proprietorships, LLCs, or small corporations, that affiliate with LPL Financial to utilize its comprehensive platform for brokerage, advisory services, technology, and back-office support. These advisors then serve their own individual clients.
• Financial Institutions (Banks and Credit Unions): LPL Financial partners with hundreds of community banks and credit unions across the United States. LPL helps these institutions establish and operate their investment programs, providing advisors, product access, and compliance oversight to serve the institutions' clients.
• Registered Investment Advisors (RIAs): LPL also provides services to independent Registered Investment Advisor firms, offering custody solutions, trading platforms, and access to a wide range of investment products and technology.

• Salesforce (CRM)
• S&P Global (SPGI)
• London Stock Exchange Group (for Refinitiv) (LSEG.L)

Rich Steinmeier, Chief Executive Officer

Rich Steinmeier was appointed Chief Executive Officer of LPL Financial in October 2024, having previously served as interim CEO since October 1, 2024. He joined LPL Financial in 2018 and has held roles including Managing Director, Chief Growth Officer, and Divisional President, Business Strategy and Growth. Before his tenure at LPL, Mr. Steinmeier held senior leadership positions at UBS Financial and Merrill Lynch, and also worked as a consultant for McKinsey & Company. He holds a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.

Matt Audette, President and Chief Financial Officer

Matt Audette is the President and Chief Financial Officer of LPL Financial, a role he assumed with an expanded title in October 2024. He joined LPL Financial in 2015 as Chief Financial Officer and took on responsibilities for the firm's business operations in 2023. Prior to joining LPL, Mr. Audette spent 16 years as Executive Vice President and Chief Financial Officer of E*TRADE Financial Corporation, where he was instrumental in the company's growth and led various corporate transactions and capital activities. He began his career in financial services at KPMG. Mr. Audette earned a Bachelor of Science in accounting from Virginia Polytechnic Institute and State University.

Matthew Enyedi, Group Managing Director, Chief Client Officer

Matthew Enyedi serves as Group Managing Director and Chief Client Officer. He has been with LPL Financial for 20 years, during which he has led LPL Business Solutions and Wealth Management functions, and was involved in launching LPL’s entry into the RIA hybrid custody space and the LPL Private Client program. Prior to his current role, he was responsible for LPL’s national sales and marketing organization. Mr. Enyedi previously worked as a financial advisor with UBS PaineWebber. He holds a bachelor's degree in speech communication and business administration from the University of San Diego.

Greg Gates, Group Managing Director, Chief Technology & Information Officer

Greg Gates is the Group Managing Director, Chief Technology & Information Officer at LPL Financial. He is responsible for driving the design and delivery of the operating platform utilized by all advisor and institutional clients. Mr. Gates has held multiple leadership roles within LPL, including leading advisor business lines and divisions within the wealth management solutions team.

Marc Cohen, Group Managing Director, Chief Growth Officer

Marc Cohen holds the title of Group Managing Director, Chief Growth Officer at LPL Financial.

The key risks to LPL Financial (LPLA) are primarily concentrated around its revenue streams and growth strategy.

1. Interest Rate Sensitivity: LPL Financial's profitability is acutely sensitive to interest rate movements due to its reliance on net interest income generated from client cash sweep programs. Stagnant or declining interest rates, or decreases in client cash balances, can lead to a contraction in net interest income, a critical profit driver, and may force the company to revise its pricing strategies or risk margin compression.
2. Integration Risks from Acquisitions: LPLA's growth strategy heavily relies on strategic acquisitions. However, these acquisitions introduce significant integration risks, including potential advisor attrition, challenges in harmonizing corporate cultures and technology systems, and the possibility that projected synergies and EBITDA boosts may not materialize. Delays or setbacks in integration could significantly impact expected value.
3. Increased Competition and Advisor Retention: The financial services industry, particularly the wealth management sector, is highly competitive. LPL Financial faces ongoing challenges in maintaining its market share and attracting and retaining high-quality independent financial advisors. Intense competition could pressure margins or market share, and advisor attrition during transitions or due to competitive offerings could negatively affect the company's growth and revenue.

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LPL Financial (symbol: LPLA) operates within the U.S. financial services industry, primarily focusing on providing an integrated platform of brokerage and investment advisory services to independent financial advisors and institutions.

The addressable markets for LPL Financial's main products and services in the U.S. are:

• U.S. Securities Brokerage Market: This market, which encompasses services provided by broker-dealers, was valued at approximately USD 201.07 billion in 2024 and is projected to reach USD 252.58 billion by 2030.

• U.S. Wealth Management Market: The North American wealth management market, which includes investment advisory services, accounted for approximately USD 937.45 billion in 2023. The broader U.S. financial advisory services market was valued at USD 218.96 billion in 2025 and is expected to grow to USD 273.67 billion by 2029.

LPL Financial (LPLA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Organic Net New Assets and Advisor Recruitment/Retention: LPL Financial consistently prioritizes attracting and retaining financial advisors, which directly leads to growth in organic net new assets. The company reported strong organic net new assets, with figures like $27 billion in Q3 2024, representing a 7% annualized growth rate, and $33 billion in Q3 2025, also reflecting a 7% annualized growth. Over the trailing twelve months, recruited assets were $87 billion as of Q3 2024, and reached a record $149 billion in 2024, showing significant year-over-year increases. This focus on expanding its advisor network and strong retention rates are crucial for sustained asset growth and corresponding revenue.

2. Strategic Acquisitions: LPL Financial has actively pursued strategic acquisitions to expand its scale and market share. Recent notable acquisitions include Atria Wealth Solutions (closed in October 2024) and Commonwealth Financial Network (closed in late 2025 with conversion expected in Q4 2026). The Atria acquisition brought approximately 2,200 advisors and $110 billion in assets, while Commonwealth added roughly 3,000 advisors and $285 billion in assets. These integrations are expected to contribute significantly to LPL's total advisory and brokerage assets and overall revenue.

3. Growth in Advisory Assets and Shift to Fee-Based Offerings: The financial services industry is experiencing a shift from commission-based brokerage accounts to fee-based advisory accounts, which generally offer higher revenue streams. LPL Financial has been successful in increasing its advisory assets, which grew 35% year-over-year to $892 billion in Q3 2024 and 51% year-over-year to $1.3 trillion in Q3 2025, representing a growing percentage of total assets. This trend towards advisory assets and fee-based offerings is a key driver for future revenue expansion.

4. Client Cash Balances and Interest Rate Environment: Revenue generated from client cash balances, primarily through the Insured Cash Account (ICA) program, is a significant component of LPL Financial's gross profit. While client cash balances can fluctuate, stable or increasing balances combined with favorable interest rates contribute to client cash revenue. LPL anticipates its ICA yield to remain relatively stable, indicating continued revenue generation from this source.

Share Repurchases

• LPL Financial executed significant share repurchases, including $1.1 billion in 2023, $325.031 million in 2022, and $170.096 million in 2024.
• As of December 31, 2024, approximately $730 million in share repurchase authorization remained available, with management expecting to repurchase around $100 million in shares during the first quarter of 2025.
• The company paused buybacks following the announcement of the Atria acquisition, planning to re-evaluate after its close.

Share Issuance

• In March 2025, LPL Financial announced a public offering of 4,687,500 common stock shares at $320.00 per share, totaling $1.5 billion, with underwriters having a 30-day option for an additional 703,125 shares (an additional $225.0 million).
• The primary purpose of this share issuance was to fund a portion of the cash consideration for the proposed acquisition of Commonwealth Financial Network.

Outbound Investments

• LPL Financial entered into an agreement to acquire Commonwealth Financial Network for $2.7 billion in cash, with the acquisition expected to close in the second half of 2025.
• The company completed several acquisitions in 2024, including The Investment Center (closed March 2025), Crown Capital's wealth management business (May 2024), and Atria Wealth Solutions (closed October 2024), significantly expanding its advisor network and assets under management.
• In 2023, LPL Financial took a minority stake in IAA and acquired FRGIS and the Private Client Group business of Boenning & Scattergood, and in 2020, it acquired Blaze Portfolio for $12 million, E.K. Riley Investments, LLC, and Lucia Securities.

Capital Expenditures

• LPL Financial reported capital expenditures of $563 million in 2024, $403 million in 2023, and $307 million in 2022.
• The projected capital expenditure for 2025 is $495 million.
• The primary focus of capital expenditures includes strategic investments in technology and infrastructure, such as a $50 million investment in a modernized compensation platform, expansion of AI tools, and enhancing advisor platforms for efficiency and security.