LPL Financial Holdings Inc 2024年度报告

At LPL Financial,We Exist to ServeFinancial Professionals. Their Greatness Is Our Goal. LPL was founded with a simple mission: Help financialprofessionals and institutions run successful businesses and deliverpersonalized financial advice. And more than 30 years later,that mission still drives us. Building on that foundation, LPL offerscomprehensive support across the spectrum of our industry: fromindependent financial advisors to financial institutions, from localadvisor teams to large RIA firms, from fully autonomous businessowners to advisors employed by LPL. 2024 performance In 2024, we delivered impressive financial results,with record adjusted earnings per share (AdjustedEPS)1of $16.51. A messagefrom the CEO At year end, we set new highs with nearly29,000 advisors on our platform and $1.7 trillion inbrokerage and advisory client assets, services orcustodied. Total assetswereup 29% from the prioryear, reflecting industry-leading organic growth of10%, the acquisition of Atria Wealth Solutions, Inc.,and favorable markets. Dear fellow shareholder, I’m writing to you for the first time as LPLFinancial’s chief executive officer, a role Iassumed in October 2024 after serving as thecompany’s chief growth officer. I joined LPLin 2018 with the mandate to accelerate LPL’sorganic growth by expanding our networkof financial advisors. Over the past six years,I’ve worked closely with our leadership teamto craft a strategic vision and effectivelyexecute on our plan to achieve it. As our 2024 financial performance proves,we’ve made remarkable progress and setthe stage for continued success. During atransformative year for our company, weremained focused on serving our advisorsand institutions, and expanding ourbusiness. I’m proud of our accomplishments,honored to lead this remarkable firm,and confident in our strategy to continueenhancing value for you. Strategic context Our vision is clear: we aspire to be the best firm inwealth management. To do that, we continue to investin our platform, further enhancing our market-leadingvalue proposition. We provide unmatched flexibility inhow advisors can affiliate with us, and we deliver theadvanced technology, intuitive service, and essentialcapabilities to help our clients maximize successthroughout the lifecycle of their businesses. Executingwith precision paves our path to lasting industryleadership—not only within the independent andinstitutional markets, but also across the spectrum of wealth management. It’s a bold aspiration but one I’mconfident that we can achieve.Over the near term, we are intensifying our focus on three key priorities: 1.Maintaining the client-centric foundation uponwhich the firm was built 2.Empowering our employees to deliver exceptionalresults for our advisors and their clients 3.Achieving improved operating leverage Providing extraordinary flexibility in how advisors can do business In 2024, we continued to differentiate ourselves acrossthe advisor and institutional channels, deliveringunmatched value to our clients. This resulted in record-recruited assets of $149 billion for the year, an increaseof nearly 90% year-over-year.In our traditional independent market, we added year, reflecting the onboarding of the retail wealthmanagement business of Prudential Financial, Inc.Although it has only been a few months, there arealready signs that the integrated experience andenhanced capabilities LPL provides have helpedPrudential Financial, Inc. create a more compellingvalue proposition for their advisors.As a complement to our organic growth, we a record $71 billion of recruited assets, exceeding ourprior high by more than 40%. We improved on ouralready industry-leading capture rates of advisors inmotion, while also expanding the breadth and depthof our pipeline.By enhancing our competitively advantaged closed the acquisition of Atria Wealth Solutions,Inc., welcoming approximately 2,200 advisors, 160institutions, and home office staff to the LPL family.Throughout the year, we also advanced our pioneering Liquidity & Succession program, extendingits reach to advisors beyond our ecosystem. Thisprogram addresses the growing succession needsof advisors by serving as a bridge, enabling them toeffectively monetize and transition their businesses tothe next generation. Doing so also helps to preserveand extend the life of those assets on our platform. array of affiliation models, we were successful inrecruiting approximately $11 billion in assets. We expectthat growing awareness of these models, alongwith ongoing capability enhancements, will drivesustainable growth and bolster our industry leadership.We continued to make progress within the large financial institution marketplace, where we set a newhigh with recruited assets of $63 billion during the Throughout 2024, we remained committed to helpingour clients provide personalized financial advice andbuild successful wealth management businesses. LPL’sunparalleled approach to client