LPL Financial Holdings
LPL Financial Holdings Inc. is a leading advisor-mediated wealth management firm and the nation’s largest independent broker-dealer. The company provides an integrated platform of proprietary technology, brokerage and advisory services, and clearing solutions to independent financial advisors and financial institutions. Its core value proposition centers on enabling advisors to deliver personalized financial guidance through a self-clearing model that supports a wide range of investment products and practice management services.
Financials
Based on Q1 2026 filing
Revenue
View metricNet Income
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Advisory Services
primaryProvides fee-based investment platforms where advisors offer personalized financial planning and asset management. Revenue is primarily generated through asset-based fees and is a primary driver of the company's growth and asset mix.
Separately Managed Accounts, Model Wealth Portfolios, Personalized Financial Guidance
Independent Financial Advisors, High-Net-Worth Individuals, Retail Investors
Brokerage and Clearing Services
majorOffers commission-based transaction processing, trade execution, and custody services through a self-clearing platform. This segment supports a broad array of financial products and generates revenue through commissions and service fees from product sponsors.
Mutual Funds, Annuities, Alternative Investments, Exchange Traded Products, Insurance Based Products, Structured Products, Unit Investment Trusts
Independent Financial Advisors, Financial Institutions, Broker-Dealers
Cash Management and Asset-Based Services
moderateManages client cash liquidity through sweep vehicles and provides margin lending. Revenue is generated from interest income and fees from third-party banks and money market providers.
Insured Bank Sweep, Deposit Cash Account Sweep, Money Market Account Balances, Margin Loans
Retail Clients, Advisory Clients
Segment Financials
Other asset-based — Asset-based
View metricOther Asset Based Fees — Asset-Based Fees Revenue
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View metricSales-based — Commission
View metricTrailing — Commission
View metricClient cash — Asset-based
View metricBusiness Overview
Competitive Position
LPL is the largest independent broker-dealer in the U.S. and a top-tier custodian, leveraging a massive scale and a self-clearing infrastructure to compete against both traditional wirehouses and digital platforms.
Geographies
United States
Customer Segments
Independent Financial Advisors, Financial Institutions, Retail Investors
Upstream Dependencies
Technology infrastructure providers, Federal Reserve monetary policy, Banking partners for sweep programs, Equity and fixed income markets
Downstream Customers
Independent financial advisors, Banks and credit unions, Retail wealth management clients, Retirement plan sponsors
Competitors & Partners
Competitors
Raymond James Financial
RJF
Competitor in the independent advisor and broker-dealer market
Ameriprise Financial
AMP
Competitor in advisor-mediated wealth management
Charles Schwab Corporation
SCHW
Major competitor in custody and wealth management services
Stifel Financial
SF
Competitor in wealth management and brokerage services
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Subsidiaries
LPL Financial LLC
The primary broker-dealer and investment advisory subsidiary
Commonwealth Financial Network
Independent wealth management firm acquired in 2025
Atria Wealth Solutions
Broker-dealer entity whose assets are served on the LPL platform
LPL Financial Holdings FAQ
Common questions about LPL Financial Holdings
LPL Financial Holdings Inc. is a leading advisor-mediated wealth management firm and the nation’s largest independent broker-dealer. The company provides an integrated platform of proprietary technology, brokerage and advisory services, and clearing solutions to independent financial advisors and financial institutions. Its core value proposition centers on enabling advisors to deliver personalized financial guidance through a self-clearing model that supports a wide range of investment products and practice management services.
LPL Financial Holdings (LPLA) has a market capitalization of $23.6B and trades on NASDAQ.
LPL Financial Holdings generated $18.3B in trailing twelve-month revenue with net income of $900.9M, representing a net margin of 4.9%, with free cash flow of -$1.5B. These figures are based on the Q1 2026 filing.
LPL Financial Holdings's key competitors include Raymond James Financial, Ameriprise Financial, Charles Schwab, and others. These companies compete in similar markets and product categories.
LPL Financial Holdings has approximately 8,724 employees.