LPL Financial Holdings (LPLA) Company Report

LPL's CEO, Rich Steinmeier, highlighted the ongoing integration of Commonwealth Financial Network, the largest transaction in the wealth space in some time, with 80% advisor retention towards a 90% target.
The company is actively pursuing $1.5 trillion market opportunities in outsourced wealth solutions for banks/credit unions and product manufacturers/insurance providers, with the Prudential solution showing strong results including 9% advisor census improvement and nearly $3 billion in M&A over three quarters.
LPL is strategically building capabilities, such as an enhanced alternatives platform and integrated banking, to target the $5 trillion high-net-worth and ultra-high-net-worth segment, a market historically outside its reach.
Despite a recent slowdown in advisor movement and recruiting due to the Commonwealth integration, LPL expects to return to full recruiting capacity soon, aiming to sustain industry-leading organic growth, and is focused on improving operating margin through efficiency and investments expected to pay off in 2026, 2027, and 2028.

Dec 9, 2025, 1:00 PM

Transcript

LPL CEO Discusses Strategic Vision, Commonwealth Acquisition, and Operating Margin Improvement

LPLA

M&A

New Projects/Investments

LPL's CEO, Rich Steinmeier, outlined the company's elevated ambition to become the best firm in wealth management, expanding its market focus beyond the independent broker-dealer (IBD) segment.
A key highlight was the acquisition of Commonwealth Financial Network, the largest transaction in LPL's history, which involved retaining 3,000 advisors and integrating capabilities.
LPL is strategically developing new capabilities, such as an advanced alternatives platform and integrated banking services, to target the $5 trillion high-net-worth and ultra-high-net-worth segments.
The company is committed to a multi-year journey of operating margin improvement, driven by enhanced monetization and efficiency, including recent pricing adjustments to advisory platform fees and brokerage account fees.

Dec 9, 2025, 1:00 PM

Transcript

LPL CEO Discusses Strategic Vision, Commonwealth Integration, and Operating Margin Focus

LPLA

M&A

New Projects/Investments

LPL's CEO, Rich Steinmeier, outlined the firm's elevated ambition to be the best firm in wealth management, expanding its market focus beyond the traditional independent broker-dealer segment.
The company is integrating its acquisition of Commonwealth Financial Network, the largest transaction in the wealth space in some time, and has achieved 80% advisor retention towards a 90% target.
A core strategic priority is improving operating margin, which has driven pricing changes, including reduced advisory platform fees and increased brokerage account fees, aimed at enhanced monetization and efficiency.
LPL is focused on building new capabilities, such as a mature liquidity and succession solution and an enhanced ClientWorks platform, and expects to return to full recruiting capacity after temporarily allocating resources to the Commonwealth integration.

Dec 9, 2025, 1:00 PM

Transcript

LPL Financial Acquires Minority Stake in Private Advisor Group

LPLA

M&A

New Projects/Investments

LPL Financial Holdings Inc. (LPLA) acquired a minority ownership stake in Private Advisor Group, which manages $41.3 billion in assets under management (AUM) as of June 30, 2025.
Republic Capital Group served as the investment banking advisor to Private Advisor Group for this transaction.
The investment strengthens the strategic ties between LPL and Private Advisor Group, broadening Private Advisor Group's ownership structure and aiming to expand advisor support programs and resources.

Nov 20, 2025, 5:12 PM

Press Release

LPL Financial Acquires Minority Stake in Private Advisor Group

LPLA

M&A

New Projects/Investments

LPL Financial acquired a minority ownership stake in Private Advisor Group, with the agreement becoming effective on November 18, 2025.
This investment aims to deepen Private Advisor Group's alignment with LPL, fostering innovation and accelerating advisor growth and engagement.
Private Advisor Group, which had over $41.3 billion in assets under management as of June 30, 2025, will continue to operate independently, with LPL joining Merchant Investment Management as a minority owner.

Nov 19, 2025, 2:26 PM

Press Release

LPL Financial Launches Cash Management Account

LPLA

Product Launch

New Projects/Investments

LPL Financial has launched its Cash Management Account (CMA), a solution designed to integrate traditional banking features with investment capabilities.
The CMA offers FDIC protection up to $2.5 million for individual accounts ($5 million for joint accounts) and includes modern banking tools like direct deposit, mobile check deposit, and a debit card.
This new offering aims to empower advisors to provide a more integrated financial experience, enhancing their ability to compete effectively in the marketplace.

Nov 12, 2025, 2:00 PM

Press Release

LPL Financial Reports Record Q3 2025 Adjusted EPS and Asset Growth, Progresses Commonwealth Acquisition

LPLA

Earnings

M&A

Guidance Update

LPL Financial reported record Q3 2025 adjusted EPS of $5.20, a 25% increase from a year ago, with total assets increasing to a record $2.3 trillion.
The company attracted $33 billion in organic net new assets, representing a 7% annualized growth rate, and recruited $33 billion in assets during Q3, contributing to a record $168 billion over the trailing 12 months.
The acquisition of Commonwealth Financial Network closed in Q3, adding $275 billion in assets, and the company is tracking towards a 90% retention target with advisors representing nearly 80% of assets already signed. The run rate EBITDA expectation for Commonwealth has increased to approximately $425 million once fully integrated.
LPL Financial lowered its 2025 G&A Net outlook to a range of $1,860 million to $1,880 million due to cost initiatives. Additionally, pricing changes starting next year are estimated to increase the trailing 12-month adjusted pre-tax margin by approximately 1%.

Oct 30, 2025, 9:00 PM

Transcript

LPLA Reports Q3 2025 Financial and Operating Results

LPLA

Earnings

Guidance Update

Revenue Acceleration/Inflection

LPLA's Total Advisory and Brokerage Assets reached $2,315 billion in Q3 2025.
The company reported Gross Profit of $1,479 million and Adjusted EPS of $5.20 for Q3 2025.
Organic Total Net New Assets (NNA) for Q3 2025 were $32.7 billion.
LPLA recorded a net loss of $30 million in Q3 2025, with Adjusted net income at $418 million.
The 2025 Core G&A outlook was lowered to $1,860-1,880 million.

Oct 30, 2025, 9:00 PM

Presentation

LPL Financial Reports Q3 2025 Results

LPLA

Earnings

M&A

Guidance Update

LPL Financial reported a net loss of $30 million, or $0.37 per diluted share, for Q3 2025, primarily due to $419 million in one-time acquisition costs related to the Commonwealth Financial Network acquisition; however, Adjusted EPS increased 25% year-over-year to $5.20.
Total advisory and brokerage assets increased 45% year-over-year to $2.3 trillion in Q3 2025, with total net new assets of $308 billion, including $275 billion from the Commonwealth acquisition.
The company completed the conversion of Atria Wealth Solutions, Inc., adding $115 billion in brokerage and advisory assets, and closed the acquisition of Commonwealth, which is expected to contribute $425 million in estimated run-rate EBITDA.
LPL Financial lowered its 2025 Core G&A outlook to a range of $1,860-1,880 million.
A $0.30 per share dividend was declared, payable on December 1, 2025.

Oct 30, 2025, 8:13 PM

8-K

Middlefield Banc Corp. Reports Nine-Month 2025 Financial Results

LPLA

Earnings

Dividends

Revenue Acceleration/Inflection

Middlefield Banc Corp. reported diluted earnings of $0.65 per share for the third quarter of 2025, contributing to year-to-date earnings of $2.01 per share.
The company achieved record total loans of $1.61 billion, an increase of 6.8%, and record total assets of $1.98 billion, an increase of 6.5% year-over-year.
Net interest margin expanded by 33 basis points to 3.79% for the third quarter of 2025, and the return on average assets for the nine months ended September 30, 2025, was 1.14%, up from 0.77% a year ago.
Book value per share increased 6.1% to $27.71, and tangible book value per share increased 8.4% to $22.62 at September 30, 2025. The company also increased its quarterly cash dividend by $0.01, or 5%, starting in the first quarter of 2025.

Oct 22, 2025, 11:40 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for LPL Financial Holdings.

Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Q1 2025

May 8, 2025

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View All Transcripts

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LPL Financial Holdings (LPLA)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

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Executives

Richard Steinmeier

Greg Gates

Katharine Reeping

Matthew Audette

Matthew Enyedi

Robert S. Hatfield III

Board Members

Albert J. Ko

Allison H. Mnookin

Anne M. Mulcahy

Corey E. Thomas

Edward C. Bernard

H. Paulett Eberhart

James S. Putnam

Richard P. Schifter

William F. Glavin Jr.

Analyst Coverage

Alexander Blostein

Michael Cyprys

Steven Chubak

Devin Ryan

William Katz

Craig Siegenthaler

Daniel Fannon

Jeffrey Schmitt

Kyle Voigt

Michael Brown

Benjamin Budish

Brennan Hawken

Chris O'Brien

Christopher Allen

Dan Fannon

Jeff Schmitt

Y. Cho

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