Matthew Enyedi
LPL Financial HoldingsAbout Matthew Enyedi
Matthew Enyedi is Managing Director, Client Success at LPL Financial Holdings Inc. (LPLA), responsible for service execution and supervision operations, digital solutions, the customer contact center, and talent and integration strategies; he has been with LPL since 2003 and in his current role since February 2023, following prior leadership roles in national sales, marketing, and business solutions . He is 51, holds a B.A. in speech communication and business administration (University of San Diego), and the Certified Investment Management Analyst designation (UC Berkeley, Haas) . During 2024, LPL’s total advisory and brokerage assets rose 29% to $1.7T, Adjusted EBITDA increased 7% to $2.2B, and the share price appreciated 43%, the core financial and market performance context underpinning executive incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LPL Financial | Managing Director, Client Success | Feb 2023–present | Leads client-centered cross-functional team to fuel advisor/institution satisfaction; oversees relationship/field management, client insights/experience, liquidy/succession, business design/execution . |
| LPL Financial | Managing Director, National Sales & Marketing | Apr 2022–Feb 2023 | Grew client relationships (advisor and institution) . |
| LPL Financial | Managing Director, Business Solutions | Nov 2020–Apr 2022 | Built and deployed LPL Services Group’s professional services platform for advisors . |
| LPL Financial | National Sales & Wealth Mgmt leadership | Pre‑2020 | Drove organic growth across planning, advisory, brokerage, retirement plan services; led data analytics . |
| UBS PaineWebber | Financial Advisor | Pre‑2003 | Frontline advisory experience informs client success mandate . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UBS PaineWebber | Financial Advisor | Pre‑2003 | Developed practitioner perspective on advisor needs and client experience . |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $492,308 | $521,154 | 2024 increase to $525,000 effective Feb 12, 2024 (prorated in reporting) . |
| Target Bonus ($) | $640,000 (approx. = 130% of $492,308) | $866,250 (165% of salary) | Target % increased vs 2023 (from 130% to 165%) . |
| Cash Bonus Awarded ($) | $785,000 | $955,000 | 2024 payout = 182% of base, 110% of target . |
| All Other Compensation ($) | $75,510 | $34,250 | Includes $10,350 financial planning reimbursements, $3,200 health/wellness, $20,700 401(k) match in 2024 . |
| Total Reported Compensation ($) | $2,455,055 | $2,900,570 | Includes equity grant-date fair values . |
Performance Compensation
| Metric | Weighting | Target/Framework | Actual/Outcome | Payout |
|---|---|---|---|---|
| Incentive EBITDA (Financial Goal) | 30% baseline of corporate bonus pool | $2,340M target | $2,305M achieved (99% of target) | 96% of component . |
| Relative TSR (Financial Goal) | 10% baseline of corporate bonus pool | Comparator: S&P 1500 Capital Markets sub-industries (AM&C Banks; IB & Brokerage); 50th pct = 100% payout | 44th percentile | 88% of component . |
| Horizontal Expansion Goal | 15% baseline of corporate bonus pool | Advisor recruiting/new store growth | Exceeds (organic growth 11%; recruited assets $149B above target) | Rated “Exceeds” (qualitatively 150% scale) . |
| Vertical Integration Goal | 15% baseline of corporate bonus pool | End‑investor experience; platform depth; advisor delight | Meets/Partially Meets (NPS below target; tech stability issues) | Rated “Meets/Partially Meets” . |
| Enablers Goal | 10% baseline of corporate bonus pool | Org innovation, collaboration; scalable/secure platform | Meets (engagement steady; top talent retention above target) | Rated “Meets” . |
- 2024 bonus pool funding was ~$126M, equal to 5.5% of Incentive EBITDA; senior executives (MD and above) were scaled to receive higher payout % than overall pool; Committee declined discretionary adjustment .
2024 Equity Grants (Granted Feb 25, 2024 for 2023 performance)
| Instrument | Shares (Target) | Grant-Date Fair Value ($) | Vesting | Performance Basis |
|---|---|---|---|---|
| RSUs | 1,789 | $466,333 | Equal annual installments over 3 years | Time-based. |
| PSUs | 2,684 target; 1,342 threshold; 5,368 max | $923,833 (target) | Earn based on 3-year relative TSR | Comparator group; 3-year performance period . |
2025 Equity Grants (Forward-looking, granted Feb 25, 2025)
| Base Salary 2025 | LTI as % of Base | LTI $ Granted | Mix | Performance Period |
|---|---|---|---|---|
| $600,000 | 250% | $1,500,000 | 60% PSUs; 40% RSUs | PSUs: Feb 15, 2025–Feb 14, 2028 . |
- 2022 PSU payout (performance period ending Feb 14, 2025): Company TSR 105% and >80th percentile; PSUs paid at 200% of target for Enyedi and other NEOs, vesting Feb 25, 2025 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 21,277 shares total; 10,242 directly/indirectly held; 11,035 right to acquire within 60 days; <1% of outstanding . |
| Options (Exercisable) | 5,154 @ $39.48 (exp. 3/13/2027); 5,382 @ $65.50 (exp. 2/23/2028); 5,653 @ $77.53 (exp. 2/25/2029) . |
| RSUs – Unvested | 507 ($165,541 mkt value); 988 ($322,592); 1,789 ($584,126); 4,564 ($1,490,192) – values at $326.51 close on 12/31/2024 . |
| PSUs – Unearned | 4,442 ($1,450,357); 5,368 ($1,752,706) – values at $326.51 close on 12/31/2024 . |
| 2024 Exercises/Vesting | Exercised 1,381 options ($291,930 value); RSUs vested 655 ($172,501), 507 ($133,524), 493 ($129,836); PSUs vested 5,896 ($1,552,771) on 2/25/2024 . |
| Ownership Guidelines | Executives (MD+) must maintain 3x base salary; all NEOs satisfied as of 3/24/2025 . |
| Hedging/Pledging | Prohibited for all employees/executives; cannot hold LPLA in margin accounts or pledge as collateral . |
| Rule 10b5‑1 Plan | Adopted 11/11/2024 to sell up to 5,154 shares; trading window 2/10/2025–12/31/2025 . |
| Deferred Compensation | Contributed $100,000 in 2024; earned $47,932; ending balance $433,419 (includes pre‑NEO contributions) . |
Employment Terms
| Provision | Key Terms (Executive Severance Plan) |
|---|---|
| Severance (no CIC) | 12 months base salary; prior year bonus; COBRA subsidy up to 12 months; acceleration of time-based awards scheduled to vest within 12 months; PSUs remain outstanding and prorate at performance end . |
| Double‑Trigger Change‑in‑Control | 18 months base salary; 150% of target bonus; full acceleration of time‑based awards (RSUs/options) with exceptions for retirement‑eligible RSUs; PSUs prorated at target (unless Designated Retirement) . |
| Restrictive Covenants | Non‑compete/non‑solicit: 12 months (no CIC); 18 months (post‑CIC qualifying termination) . |
| Clawbacks | Core clawback for restatements; supplemental clawback enabling recoupment of cash, time‑ and performance‑based equity in broader misconduct scenarios . |
| Excise Tax Gross‑up | None; modified golden parachute cutback for tax efficiency . |
| Individual Contracts | Company does not enter into individual employment agreements . |
Potential Payments (Illustrative amounts if events occurred 12/31/2024)
| Scenario | Severance ($) | Bonus ($) | RSUs ($) | PSUs ($) | COBRA ($) | Total ($) |
|---|---|---|---|---|---|---|
| Without Cause / Good Reason | 525,000 | 955,000 | 521,437 | 1,425,868 | 16,347 | 3,443,652 |
| Disability/Death/Retirement | — | — | 1,072,259 | 1,425,868 | — | 2,498,127 |
| Double‑Trigger CIC | 787,500 | 1,299,375 | 1,072,259 | 1,425,868 | 24,521 | 4,609,523 |
Compensation Structure Analysis
- Mix shift: Target bonus % increased to 165% of salary for 2024 (from 130% in 2023), raising at‑risk cash exposure; LTI grant level increased to 250% of 2025 base (from 235% in 2024), with continued emphasis on PSUs (60%) tied to relative TSR, signaling stronger equity‑based alignment .
- Governance strength: Anti‑hedging/pledging and robust clawbacks reduce misalignment risk; no tax gross‑ups and use of modified cutback are shareholder‑friendly .
- Performance linkage: Corporate bonus pool driven by Incentive EBITDA and relative TSR plus strategic goals; 2024 underperformance vs TSR comparator partially offset by strong organic growth and EBITDA delivery, with Enyedi’s role specifically cited in advancing service ops and digital solutions .
Investment Implications
- Alignment: Material equity exposure via RSUs/PSUs and ownership guideline compliance, plus no hedging/pledging, indicate high skin‑in‑the‑game and incentive alignment with long‑term TSR .
- Retention risk: CIC and non‑CIC severance are moderate relative to role scope; 2025 LTI uplift and PSU weighting strengthen retention but introduce payout sensitivity to TSR vs Capital Markets peers .
- Trading signals: A 10b5‑1 plan to sell up to 5,154 shares in 2025 may create episodic selling pressure; 2024 option exercises and PSU vesting show ongoing monetization consistent with standard executive liquidity management .
- Execution focus: Enyedi’s mandate to stabilize technology and improve advisor/customer experience is central to business goals; 2024 results show mixed tech stability and NPS, an execution area to monitor alongside organic asset growth and service KPIs that impact incentive payouts .