William F. Glavin Jr.
LPL Financial HoldingsAbout William F. Glavin Jr.
Independent director of LPL Financial Holdings Inc. (LPLA) since 2017; age 66. He serves on the Compensation Committee and the Nominating and Governance Committee and is classified as an independent director under Nasdaq rules. Prior roles include Chair and CEO of OppenheimerFunds and senior executive posts at MassMutual and Babson Capital; BA from College of the Holy Cross. Current other public company directorship: Invesco Ltd.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OppenheimerFunds, Inc. | Chair | 2009–2015 | Led through significant market turbulence; strategic and compliance oversight |
| OppenheimerFunds, Inc. | Chief Executive Officer | 2009–2014 | Strategic planning, talent management, distribution/operations oversight |
| OppenheimerFunds, Inc. | President | 2009–2013 | Executive leadership of asset management firm |
| MassMutual Financial Group | Co-Chief Operating Officer | 2007–2008 | Oversaw operations; broker-dealer oversight via MML Investor Services |
| MassMutual Financial Group | EVP, U.S. Insurance Group | 2006–2008 | Business leadership in U.S. insurance |
| Babson Capital Management (MassMutual subsidiary) | CEO | 2005–2006 | Led asset management subsidiary |
| Babson Capital Management | COO | 2003–2005 | Operations leadership |
| Scudder Investments | President & COO | 2000–2003 | Asset management leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invesco Ltd. | Director (Current) | Not disclosed | Current public company board; no related-party transactions with LPLA disclosed in 2024 |
Board Governance
- Independence: Board affirmatively determined Mr. Glavin is independent under Nasdaq listing standards.
- Committee assignments (as disclosed for nominees): Compensation Committee; Nominating and Governance Committee.
- Board/committee activity: Board held 12 meetings in 2024; each director attended at least 75% of aggregate Board and applicable committee meetings. Audit & Risk Committee met 8x; Nominating & Governance 4x; Compensation 7x.
- Leadership structure: Independent Chair of the Board (James S. Putnam); CEO and Chair roles separated.
- Overboarding policy: Non-CEO directors expected to serve on no more than four public company boards.
Fixed Compensation
Policy (non-employee directors)
- Annual service retainer: $285,000, paid as $100,000 cash (or stock at election) and $185,000 in restricted stock under the 2021 Plan; 2024 equity portion vests in full on May 21, 2025.
- Committee retainers (annual): Audit & Risk $30,000 (Chair) / $15,000 (Member); Compensation $25,000 (Chair) / $12,500 (Member); Nominating & Governance $20,000 (Chair) / $10,000 (Member).
- Chair of Board retainer: Additional $140,000 (not applicable to Mr. Glavin).
- Directors may defer cash/equity under the Director Deferred Compensation Plan; no new deferral elections were made in 2024.
Mr. Glavin – 2024 Director Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 125,088 | Includes any election to take shares in lieu of cash retainer |
| Stock Awards (grant-date fair value) | 187,779 | Annual restricted stock award |
| Total | 312,867 | Sum of cash and equity values |
| 2024 Restricted Stock Held (12/31/24) | 699 shares | Scheduled to vest 5/21/2025 |
| Deferred Stock Units (Vested/Unvested) | 21,294 / 0 units | DSUs count toward ownership guidelines |
Performance Compensation
- Non-employee director equity is time-based restricted stock; there are no performance metrics or options for directors in 2024 under the director policy.
| Element | Metric | Weight | Outcome |
|---|---|---|---|
| Director equity grant | Time-vested restricted stock | 100% | No performance linkage; vests in full on 5/21/2025 |
Other Directorships & Interlocks
- Current public company boards: Invesco Ltd. (Director).
- Compensation Committee interlocks: None reported (no LPLA executive serves on another company’s board/compensation committee that has an executive serving on LPLA’s Board/Compensation Committee).
- Related-party transactions: 2024 disclosure lists arrangements with Vanguard ($0.1m revenue) and BlackRock ($24.7m revenue); no related-party transactions disclosed involving Invesco or Mr. Glavin.
Expertise & Qualifications
- 25+ years in financial services, including CEO/COO roles; deep expertise in strategic planning, talent management, product distribution, compliance/operations, and oversight of broker-dealers (e.g., MassMutual’s MML Investor Services).
- Education: B.A., College of the Holy Cross.
Equity Ownership
Ownership guidelines and policy
- Directors must own ≥5x the cash portion of the annual retainer within five years; as of March 24, 2025, all non-employee directors met the guideline. Hedging and pledging of LPLA stock are prohibited.
Mr. Glavin – Beneficial Ownership (as of March 24, 2025)
| Category | Shares/Units |
|---|---|
| Directly/Indirectly Held Common Stock | 3,852 (includes 2,775 through spouse’s trust; disclaimed beneficial ownership) |
| Right to Acquire within 60 days (DSUs/vestings) | 21,294 |
| Total Beneficial Ownership | 25,146 |
| % of Shares Outstanding | <1% (out of 74,583,118 shares outstanding) |
Director equity detail (12/31/2024)
| Instrument | Quantity | Vesting |
|---|---|---|
| Restricted Stock | 699 | Vests in full on May 21, 2025 |
| Deferred Stock Units (vested) | 21,294 | Deliverable per plan upon separation or change in control |
Governance Assessment
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Strengths
- Independence, seasoned industry operator (asset management and broker-dealer oversight); current committees (Compensation; Nominating & Governance) align with his strategic and talent expertise.
- Solid engagement indicators: Board met 12 times; each director attended ≥75% of Board/committee meetings; directors encouraged to attend annual meeting.
- Ownership alignment: Meets rigorous 5x cash retainer guideline; receives equity retainer; hedging/pledging prohibited.
- Pay structure appropriate for non-employee directors (balanced cash/equity; modest committee retainers); equity vests annually, supporting alignment.
- No related-party transactions disclosed involving Mr. Glavin; no compensation committee interlocks.
- Shareholder support: Say-on-pay approval ~97% at 2024 annual meeting indicates broad support for compensation governance.
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Potential watch items
- External directorship at Invesco Ltd., an asset manager that could be a platform product sponsor at LPLA; 2024 related-party disclosure did not list Invesco, reducing immediate conflict concerns but warrants routine monitoring.
- Technology stability issues and advisor NPS headwinds were cited at the corporate level (not director-specific), elevating the importance of Nominating & Governance Committee oversight of ESG and client experience; Mr. Glavin serves on N&G.
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Red flags
- None disclosed regarding attendance shortfalls, pledging/hedging, related-party transactions, or pay anomalies for Mr. Glavin.