Maintaining our fair value at $314 for LPL Financial following the departure of CEO Dan Arnold

LPL Financial provides an advisory and brokerage platform for advisors, broker/dealer services for financial institutions, and practice management resources. At the end of 2023, advisors on the LPL platform served over $1.3 trillion in assets under management in the United States. LPL’s goal is to offer services to all advisors, regardless of business model. For example, advisors may be licensed by LPL Financial, giving LPL responsibility for risk management and compliance, or may act as a hybrid Registered Investment Advisor, using LPL Financial for custody, trading and administrative support purposes. LPL has also launched a new employee model that allows advisors to fully outsource practice management.