LPL Financial Holdings Inc

LPL Financial Holdings Inc. (Nasdaq: LPLA) is a U.S. wealth management firm serving the financial advisor-mediated marketplace.

**Scale.** It supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions. It services and custodies approximately $2.6 trillion in brokerage and advisory assets for approximately 8 million Americans.

**Operations.** It operates through its broker-dealer and registered investment adviser subsidiaries LPL Financial LLC and LPL Enterprise, LLC, along with The Private Trust Company, N.A. It acquired Commonwealth Financial Network (Commonwealth Equity Services) in 2025, whose conversion onto LPL's platform is scheduled for Q4 2026.

**Offerings.** LPL offers multiple advisor affiliation models, including corporate RIA, independent RIA and brokerage platforms. Its other offerings include:
- Investment solutions, including centrally managed portfolios such as Model Wealth Portfolios and Guided Wealth Portfolios
- Fintech tools, including its proprietary AI agent Cyan
- Practice management services
- A Liquidity & Succession capital solution for advisors

**Revenue model.** Revenue comes primarily from:
- Advisory fees, which are the largest line
- Sales-based and trailing commissions on annuities, mutual funds, fixed income and equities
- Asset-based revenue, including client cash sweep program fees and sponsorship/omnibus fees
- Service and fee revenue
- Transaction revenue

Most advisory and commission revenue is paid out to advisors under a production-based payout. Updated Oct 28, 2026