LPL Financial Holdings
22 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Customers
Prudential Advisors
earns fromSimilarly, we continue to expand our support of the wealth management businesses of financial institutions through our institution services channel, which has resulted in strategic relationships with Prudential Advisors (“Prudential”), M&T Bank Corporation, BMO Financial Advisors, CUNA Brokerage Services, Inc., Wintrust Financial, People’s United Bank, Bancwest Investment Services and Commerce Financial Advisors.Business (Item 1)
M&T Bank Corporation
earns fromSimilarly, we continue to expand our support of the wealth management businesses of financial institutions through our institution services channel, which has resulted in strategic relationships with Prudential Advisors (“Prudential”), M&T Bank Corporation, BMO Financial Advisors, CUNA Brokerage Services, Inc., Wintrust Financial, People’s United Bank, Bancwest Investment Services and Commerce Financial Advisors.Business (Item 1)
Suppliers
Refinitiv US LLC (BETAHost)
depends onnamed as a riskFor example, we have an agreement with Refinitiv US LLC (“BETAHost”), under which it provides us key operational support, including data processing services for securities transactions and back office processing support.Risk factors (Item 1A)
Partners and platforms
Variable annuity product sponsors
earns fromnamed as a riskAs an example, certain variable annuity product sponsors have ceased offering and issuing new variable annuity contracts.Risk factors (Item 1A)
Other companies
Commonwealth Financial Network (Commonwealth Equity Services)
named as a riskFollowing receipt of FINRA regulatory approval for integration, LPL Holdings, Inc. will convert assets and transfer registered representative licenses from CES to LPL Financial, which is expected to occur in the fourth quarter of 2026.Risk factors (Item 1A)
Places
Commodities and inputs
Regulators
Office of the Comptroller of the Currency (OCC)
subject to · 10% or more of our common stocknamed as a riskIn general, an acquisition of 10% or more of our common stock, or another acquisition of “control” as defined in OCC regulations, may require OCC approval.Business (Item 1)
Also named by ADP, AMP, AXP, BAC, BLK, C, CASH, CFG and 22 more
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskLPL Financial is regulated by the SEC, FINRA, CFTC and NFA.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Industry Regulatory Authority (FINRA)
subject tonamed as a riskThe primary SRO of LPL Financial’s, LPL Enterprise’s and Commonwealth’s broker-dealer activity is FINRA, and the primary regulator of LPL Financial’s, LPL Enterprise’s and Commonwealth’s investment advisory activity is the SEC.Risk factors (Item 1A)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
Commodity Futures Trading Commission (CFTC) / National Futures Association (NFA)
subject toThe CFTC has designated the NFA as LPL Financial’s primary regulator for futures and commodities trading activities.Risk factors (Item 1A)
Laws and programs
FINRA Rule 1017
subject to · 25%named as a riskFINRA Rule 1017 generally provides, among other things, that FINRA approval must be obtained in connection with any transaction resulting in a 25% or more change in the ownership of a FINRA member that results in one person or entity directly or indirectly owning or controlling 25% or more of such member.Risk factors (Item 1A)
Also named by IBKR
Client cash programs (bank sweep deposits)
earns from · $61.0 billionnamed as a riskOur client cash programs generate a significant portion of our revenue.Risk factors (Item 1A)
FINRA dividend restrictions
subject to · 10% of a member firm’s excess net capitalnamed as a riskIn addition, FINRA regulations restrict dividends in excess of 10% of a member firm’s excess net capital without FINRA’s prior approval.Risk factors (Item 1A)
Term Loan A (Credit Agreement)
exposed to its price · $1,020,000named as a riskAs of December 31, 2025, $1.1 billion of our outstanding debt was subject to floating interest rate risk.Market risk (Item 7A)
California Consumer Privacy Act
subject tonamed as a riskThis includes rules adopted pursuant to the Gramm-Leach-Bliley Act and an ever-increasing number of state laws and regulations, such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act and NYSDFS Part 500.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
ERISA
subject tonamed as a riskOur failure to comply with ERISA and the Code could result in significant penalties against us that could have a material adverse effect on our business or severely limit the extent to which we could act as fiduciaries for or provide services to these plans.Risk factors (Item 1A)
DOJ Data Security Program
subject tonamed as a riskThis also includes the DOJ’s Data Security program that restricts, and in some cases prohibits, access by certain countries of concern or foreign entities to certain data, even if those data are de-identified, anonymized, or encrypted.Risk factors (Item 1A)
SEC Uniform Net Capital Rule (Rule 15c3-1)
subject tonamed as a riskHowever, the ability of our holding companies to withdraw capital from our broker-dealer subsidiaries, including LPL Financial, could be restricted in the event they experience a net capital shortfall, which in turn could limit our ability to repay debt, redeem or repurchase shares of our outstanding stock or pay dividends.Risk factors (Item 1A)
Also named by SF
U.S. Department of Labor Retirement Security Rule
subject tonamed as a riskCompliance with proposed conduct standards could increase the complexity and costs of our compliance or affect our revenue streams, including, in the case of the DOL proposal, our ability to rely on the current prohibited transaction exemptions.Business (Item 1)
U.S. federal income tax treatment of variable annuities
subject tonamed as a riskChanges in U.S. federal income tax law, in particular with respect to variable annuity products, or with respect to tax rates on capital gains or dividends, could make some of these products less attractive to clients and, as a result, could have a material adverse effect on our business, results of operations, cash flows or financial condition.Risk factors (Item 1A)