LPL Financial Holdings Inc : LPL Financial Announces Fourth Quarter and 2012 Year-End Financial Results
02/06/2013| 06:10am US/Eastern
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BOSTON, Feb. 6, 2013 /PRNewswire/ -- LPL Financial Holdings Inc. (NASDAQ: LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), today announced net revenue of $944.2 million for the fourth quarter of 2012, up 13.9% compared to fourth quarter 2011 net revenue of $828.7 million. Net revenue for the year ended December 31, 2012 was $3.7 billion, an increase of 5.2% over the comparable year of 2011.
Three Months Ended December 31, Year Ended December 31,
------------------------------- -----------------------
2012 2011 % 2012 2011 %
Change Change
------ ------
Financial Highlights (unaudited) (dollars in thousands, except per share data )
GAAP Measures:
Net Revenue $944,244 $828,653 13.9% $3,661,088 $3,479,375 5.2%
Net Income $36,938 $39,448 (6.4)% $151,918 $170,382 (10.8)%
Earnings Per Share - diluted $0.34 $0.35 (2.9)% $1.37 $1.50 (8.7)%
Non-GAAP Measures:
Adjusted Earnings $53,858 $48,838 10.3% $225,029 $218,585 2.9%
Adjusted Earnings Per Share $0.50 $0.44 13.6% $2.03 $1.95 4.1%
Adjusted EBITDA $109,948 $100,796 9.1% $454,482 $459,720 (1.1)%
____________________
A full reconciliation of GAAP measures to non-GAAP measures, along with an explanation of these metrics, follows later in this release.
"The uncertain economic and political environment in 2012 led individual investors to take a cautious approach to engaging in the markets. As a result advisor productivity levels remained flat for the year and we generated moderate revenue growth of 5%," stated Mark Casady, chairman and CEO of LPL Financial. "However, through our ongoing investment in our business we experienced strong growth in our fundamental business drivers in 2012 by leading the industry in attracting new advisors, producing excellent retention, and delivering additional capabilities to our advisors. In the fourth quarter, we experienced improved advisor activity, as LPL Financial advisors continued to build client relationships through increased financial planning sessions and the addition of new accounts and cash deposits. These activities are the seeds for future growth."
Mr. Casady continued: "We are excited to share our plan for the next phase of our Service Value Commitment, which will drive efficiencies in our operating model and ultimately enhance advisor productivity. We plan to reposition our labor force by transitioning select non-advisor-facing functions to a leading global services provider, enabling us to focus on our core strengths that make us distinctive. This effort is not simply a cost-reduction exercise, but an initiative to implement changes to our foundational technology, enhance the quality of our work and improve the speed of our delivery." Mr. Casady added: "Our Service Value Commitment will further our efforts to make more targeted investments in people and technology in areas that support our growth and create value for shareholders."
Dan Arnold, chief financial officer of LPL Financial noted: "Although we are focused on what lies ahead, we are proud of our accomplishments in 2012. We continued to deliver value to our shareholders by expanding upon our market-leading position and generating strong free cash flow. We remained flexible in allocating our capital resources, as we invested $55 million in capital expenditures, paid $249 million in total dividends, repurchased $199 million in stock, and reduced debt by $15 million in 2012." Mr. Arnold concluded: "Looking forward to 2013, we remain committed to balancing investment in our business with increasing our efficiency to position LPL Financial for long-term growth."
As of December 31,
------------------
2012 2011 %
Change
------
Metric Highlights
(unaudited)
Advisors(1) 13,352 12,847 3.9%
Advisory and Brokerage
Assets (billions)(2) $373.3 $330.3 13.0%
Advisory Assets Under
Custody (billions)(3) $122.1 $101.6 20.2%
___________________
(1) Advisors are defined as those
independent financial advisors
and financial advisors at
financial institutions who are
licensed to do business with
the Company's broker-dealer
subsidiary.
(2) Advisory and brokerage assets are
comprised of assets that are
custodied, networked, and non-
networked and reflect market
movement in addition to new
assets, inclusive of new
business development and net of
attrition.
(3) Advisory assets under custody are
components of advisory and
brokerage assets.
Financial Highlights
-- Rising Advisory and Brokerage Assets. Total advisory and brokerage
assets ended at $373.3 billion as of December 31, 2012, up 13.0%
compared to $330.3 billion as of December 31, 2011. Key drivers of this
trend include:
-- Advisory assets in the Company's fee-based platforms were $122.1
billion at December 31, 2012, up 20.2% from $101.6 billion at
December 31, 2011.
-- Net new advisory assets, which exclude market movement, were $2.7
billion for the three months ended December 31, 2012. For the year,
net new advisory assets were $10.9 billion, representing 8.9% annual
growth. Growth in advisory assets was driven by strong new business
development and a mix shift toward more advisory business.
-- Expanding our Service Value Commitment. The Company expects to recognize
total costs of approximately $70 million to $75 million through 2014
related to this initiative. These costs will cover primarily labor
repositioning, outsourcing and technology investments. By 2015, the
Company expects annual pre-tax run-rate savings of approximately $30
million to $35 million.
-- The Company incurred $11 million of these costs in the second half
of 2012. The Company anticipates recognizing $6 million to $8
million in costs in the first quarter of 2013, and approximately $39
million to $42 million for the entire year. In addition, for full
year 2013 the Company expects to recognize $2 million to $3 million
in savings in addition to the $3.5 million previously announced. For
2014, the Company expects to incur $21 million to $23 million in
costs and to generate $22 million to $26 million in savings.
-- Modest Revenue Growth. Net revenue for the fourth quarter of 2012
increased 13.9% to $944.2 million from $828.7 million in the prior year.
Net revenue for the year increased 5.2% to $3.7 billion from $3.5
billion in 2011. Key drivers of this growth include:
-- Commission revenue increased 15.6% for the fourth quarter of 2012
compared to the prior year period reflecting the addition of new
advisors, increasing trail revenue, and improving commissions per
advisor. For 2012, commission revenue increased 3.8% compared to
the prior year.
-- Advisory revenue increased 9.9% for the fourth quarter of 2012
compared to the prior year period, driven by strong net new advisory
asset flows and overall improving market levels. For the year,
advisory revenue increased 3.4% compared to the prior year.
-- Recurring revenue, a statistical measure reflecting a level of
stability in the Company's performance, represented 66.1% of net
revenue for the fourth quarter of 2012 and 65.4% for the year.
-- Growing Cash Sweep Balances. Revenue generated from the Company's cash
sweep programs increased 4.8% to $35.2 million in the fourth quarter of
2012 compared to $33.6 million in the prior year period as average cash
balances grew from $22.4 billion to $23.2 billion. An increase in the
effective federal funds rate, which averaged 0.16% in the fourth quarter
of 2012 compared to 0.07% in the prior year period, was offset by fee
compression in the program. For 2012, revenue generated from the
Company's cash sweep program increased 9.0% to $138.1 million compared
to $126.7 million in the prior year. The assets in the Company's cash
sweep programs averaged $22.3 billion for 2012 and $20.9 billion in the
prior year.
-- Accelerated Share Repurchases. The Company spent $88.7 million in the
fourth quarter to buy back 3.2 million shares, at a weighted average
price per share of $27.71, which reduced its weighted average share
count for calculating diluted earnings per share to 108.6 million shares
for the fourth quarter of 2012.
-- Announcing 12.5% Increase to Quarterly Dividend. The Company's board of
directors has declared a cash dividend of $0.135 per share of the
Company's common stock, payable on March 4, 2013 to all shareholders of
record on February 18, 2013. The declarations of future quarterly
dividends, as well as the timing of record and payment dates, remain
subject to approval by the Board.
Operational Highlights
-- Industry Leading Net New Advisor Growth. The Company added 182 net new
advisors during the fourth quarter of 2012, resulting in 505 net new
advisors joining LPL Financial in 2012.
-- High Growth in RIA Platform Assets. Assets under custody on the LPL
Financial Independent RIA platform, which provides integrated RIA firm
advisory fee- and commission-based capabilities for independent
advisors, grew 80.2% to $40.9 billion as of December 31, 2012,
encompassing 191 RIA firms, compared to $22.7 billion and 146 RIA firms
as of December 31, 2011.
-- New Capabilities. In November, the Company introduced the eSignature
solution to its platform to streamline document processing and enhance
end-client experience. This new technology tool is expected to
dramatically increase efficiency, reduce paperwork and improve both the
client and advisor experience when signing and submitting LPL Financial
forms. The Company also launched a new platform to help advisors harness
the power of social networking on three levels: learning how to use
social media to augment their marketing efforts, connecting with clients
and prospects by sharing valuable content to grow their network and
enhancing efforts by tracking activity and improving results.
-- Industry Recognition. In the fourth quarter, Bank Investment Consultant
Magazine, a leading financial services industry magazine, named 17 LPL
Financial advisors on its list of Top 50 Bank Advisors of 2012; four
additional advisors have also been recognized with honorable mention.
LPL Financial and one other firm had the highest representation.
Conference Call and Additional Information
The Company will hold a conference call to discuss results at 8:00 a.m. EST on Wednesday, February 6, 2013. The conference call can be accessed by dialing either 877-677-9122 (domestic) or 708-290-1401 (international) and entering passcode 87453300. For additional information, please visit the Company's website to access the Q4 2012 Financial Supplement.
The conference call will also be webcast simultaneously on the Investor Relations section of the Company's website (www.lpl.com), where a replay of the call will also be available following the live webcast. A telephonic replay will be available two hours after the call and can be accessed by dialing 855-859-2056 (domestic) or 404-537-3406 (international) and entering passcode 87453300. The telephonic replay will be available until 11:59 p.m. EDT on February 13, 2013.
LPL Financial Holdings Inc.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended December 31, Year Ended December 31,
------------------------------- -----------------------
2012 2011 % 2012 2011 %
Change Change
------
Revenues
Commission $467,492 $404,382 15.6% $1,820,517 $1,754,435 3.8%
Advisory 275,983 251,219 9.9% 1,062,490 1,027,473 3.4%
Asset-based 103,018 89,706 14.8% 403,067 359,724 12.0%
Transaction and other 83,362 71,227 17.0% 321,558 292,207 10.0%
Other 14,389 12,119 18.7% 53,456 45,536 17.4%
------ ------ ------ ------
Net revenues 944,244 828,653 13.9% 3,661,088 3,479,375 5.2%
------- ------- --------- ---------
Expenses
Production 661,691 586,123 12.9% 2,548,837 2,448,424 4.1%
Compensation and benefits 89,350 79,237 12.8% 362,705 322,126 12.6%
General and administrative 99,071 58,553 69.2% 350,212 263,228 33.0%
Depreciation and amortization 18,786 16,947 10.9% 71,796 72,741 (1.3)%
Restructuring charges 635 8,372 (92.4)% 5,597 21,407 (73.9)%
--- ----- ----- ------
Total operating expenses 869,533 749,232 16.1% 3,339,147 3,127,926 6.8%
------- ------- --------- ---------
Non-operating interest expense 12,529 15,835 (20.9)% 54,826 68,764 (20.3)%
Loss on extinguishment of debt - - * 16,524 - *
--- --- ------ ---
Total expenses 882,062 765,067 15.3% 3,410,497 3,196,690 6.7%
------- ------- --------- ---------
Income before provision for income 62,182 63,586 (2.2)% 250,591 282,685 (11.4)%
taxes
Provision for income taxes 25,244 24,138 4.6% 98,673 112,303 (12.1)%
Net income $36,938 $39,448 (6.4)% $151,918 $170,382 (10.8)%
======= ======= ======== ========
Earnings per share
Basic $0.34 $0.36 (5.6)% $1.39 $1.55 (10.3)%
Diluted $0.34 $0.35 (2.9)% $1.37 $1.50 (8.7)%
___________________
* Not Meaningful
The Company reports Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings per share to eliminate the effects of items that it does not consider indicative of its core operating performance. Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations are:
a. Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share do not reflect all cash expenditures, or contractual commitments; and do not reflect changes in, or cash requirements for, working capital needs; and
b. Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt.
The reconciliation from net income to Adjusted EBITDA, a non-GAAP measure, for the periods presented is as follows (in thousands):
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2012 2011 2012 2011
---- ---- ---- ----
(unaudited)
Net income $36,938 $39,448 $151,918 $170,382
Interest expense 12,529 15,835 54,826 68,764
Income tax expense 25,244 24,138 98,673 112,303
Amortization of purchased intangible assets and 9,791 9,849 39,542 38,981
software(a)
Depreciation and amortization of all other fixed assets 8,995 7,098 32,254 33,760
----- ----- ------ ------
EBITDA 93,497 96,368 377,213 424,190
------ ------ ------- -------
EBITDA Adjustments:
Employee share-based compensation expense(b) 3,769 3,858 17,544 14,978
Acquisition and integration related expenses(c) 3,032 (8,020) 20,474 (3,815)
Restructuring and conversion costs(d) 755 8,532 6,146 22,052
Debt extinguishment costs(e) - - 16,652 -
Equity issuance and related offering costs(f) - - 4,486 2,062
Other(g) 8,895 58 11,967 253
----- --- ------ ---
Total EBITDA Adjustments 16,451 4,428 77,269 35,530
------ ----- ------ ------
Adjusted EBITDA $109,948 $100,796 $454,482 $459,720
======== ======== ======== ========
The reconciliation from net income to Adjusted Earnings, a non-GAAP measure, for the periods presented is as follows (in thousands, except per share data):
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2012 2011 2012 2011
---- ---- ---- ----
(unaudited)
Net income $36,938 $39,448 $151,918 $170,382
After-Tax:
EBITDA Adjustments(h)
Employee share-based compensation expense(i) 2,831 2,961 13,161 11,472
Acquisition and integration related expenses(j) 2,092 (4,948) 11,106 (2,354)
Restructuring and conversion costs 466 5,264 3,792 13,606
Debt extinguishment costs - - 10,274 -
Equity issuance and related offering costs(k) - - 4,262 1,272
Other 5,490 36 7,384 156
----- --- ----- ---
Total EBITDA Adjustments 10,879 3,313 49,979 24,152
------ ----- ------ ------
Amortization of purchased intangible assets and 6,041 6,077 24,397 24,051
software(h)
Acquisition related benefit for a net operating loss - - (1,265) -
carry-forward(l)
Adjusted Earnings $53,858 $48,838 $225,029 $218,585
======= ======= ======== ========
Adjusted Earnings per share(m) $0.50 $0.44 $2.03 $1.95
Weighted average shares outstanding - diluted(n) 108,644 111,095 111,060 112,119
___________________
(a) Represents amortization of intangible
assets and software as a result of the
Company's purchase accounting
adjustments from its 2005 merger
transaction, as well as various
acquisitions.
(b) Represents share-based compensation for
equity awards granted to employees,
officers, and directors. Such awards
are measured based on the grant-date
fair value with share-based
compensation expense recognized over
the requisite service period of the
individual grants, which generally
equals the vesting period.
(c) Represents acquisition and integration
costs resulting from various
acquisitions, including changes in the
estimated fair value of future
payments, or contingent consideration,
required to be made to former
shareholders of certain acquired
entities. During the three and twelve
months ended December 31, 2012,
approximately $1.5 million and $11.4
million, respectively, was recognized
as a charge against earnings due to a
net increase in the estimated fair
value of contingent consideration.
(d) Represents organizational restructuring
charges and conversion and other
related costs incurred resulting from
the 2011 consolidation of UVEST
Financial Services Group, Inc.
("UVEST") and the 2009 consolidation of
Associated Securities Corp., Inc.,
Mutual Service Corporation and
Waterstone Financial Group, Inc.
(together, the "Affiliated Entities").
As of December 31, 2012, approximately
89% and 98%, respectively, of costs
related to these two initiatives had
been recognized. The remaining costs
largely consist of the amortization of
transition payments that have been made
in connection with these two
conversions for the retention of
advisors and financial institutions
that are expected to be recognized into
earnings by December 2014.
(e) Represents expenses incurred for the
year ended December 31, 2012, resulting
from the early extinguishment and
repayment of amounts under the prior
senior secured credit facilities,
including the write-off of $16.5
million of unamortized debt issuance
costs that have no future economic
benefit, as well as various other
charges incurred in connection with the
repayment of the prior senior secured
credit facilities and the establishment
of the new senior secured credit
facilities.
(f) Represents equity issuance and offering
costs incurred in the twelve months
ended December 31, 2012 and 2011,
related to the closing of a secondary
offering in the second quarter of 2012,
and the closing of a secondary offering
in the second quarter of 2011. In
addition, results for the year ended
December 31, 2012 include a $3.9
million charge relating to the late
deposit of withholding taxes related to
the exercise of certain non-qualified
stock options in connection with the
Company's 2010 initial public offering.
(g) Results for the three and twelve months
ended December 31, 2012, include $4.7
million and $7.0 million, respectively,
for consulting services and technology
development aimed at enhancing the
Company's performance in support of its
advisors while creating operating
efficiencies. During the fourth quarter
of 2012, the Company recorded an asset
impairment charge of $4.0 million for
certain fixed assets related to
internally developed software that were
determined to have no estimated fair
value. Remaining costs relate to
certain excise and other taxes.
(h) EBITDA Adjustments and amortization of
purchased intangible assets and
software have been tax effected using a
federal rate of 35% and the applicable
effective state rate, which was 3.30%
for the three and twelve months ended
December 31, 2012 and 2011, net of the
federal tax benefit.
(i) Represents the after-tax expense of
non-qualified stock options for which
the Company receives a tax deduction
upon exercise, restricted stock awards
for which the Company receives a tax
deduction upon vesting, and the full
expense impact of incentive stock
options granted to employees that have
vested and qualify for preferential tax
treatment and conversely, for which the
Company does not receive a tax
deduction. Share-based compensation
for vesting of incentive stock options
was $1.3 million and $1.5 million,
respectively, for the three months
ended December 31, 2012 and 2011. For
the year ended December 31, 2012 and
2011, share-based compensation for
vesting of incentive stock options was
$6.1 million and $5.8 million,
respectively.
(j) Represents the after-tax expense of
acquisition and related costs for which
the Company receives a tax deduction.
The year ended December 31, 2012
included a $5.7 million reduction of
expense relating to the fair value of
contingent consideration for the stock
acquisition of Concord Wealth
Management ("Concord"), that is not
deductible for tax purposes and that
the Company does not consider to be
indicative of its core performance.
(k) Represents the after-tax expense of
equity issuance and offering costs
related to the closing of a secondary
offering that occurred in the second
quarter of 2012, and the closing of a
secondary offering that occurred in the
second quarter of 2011. Results for the
year ended December 31, 2012 include
the full expense impact of a $3.9
million charge relating to the late
deposit of withholding taxes related to
the exercise of certain non-qualified
stock options in connection with the
Company's 2010 initial public offering,
which is not deductible for tax
purposes.
(l) Represents the expected tax benefit
available to the Company from the
accumulated net operating losses of
Concord that arose prior to its
acquisition by the Company; such
benefits were recorded in the third
quarter of 2012.
(m) Represents Adjusted Earnings, a non-
GAAP measure, divided by weighted
average number of shares outstanding on
a fully diluted basis. Set forth is a
reconciliation of earnings per share on
a fully diluted basis as calculated in
accordance with GAAP to Adjusted
Earnings per share, a non-GAAP
measure:
For the Three For the Year
Months Ended Ended
December 31, December 31,
------------ ------------
2012 2011 2012 2011
---- ---- ---- ----
(unaudited)
Earnings per share - diluted $0.34 $0.35 $1.37 $1.50
Adjustment for allocation of undistributed earnings to - 0.01 - 0.02
stock units
After-Tax:
EBITDA Adjustments per share 0.10 0.03 0.45 0.22
Amortization of purchased intangible assets and 0.06 0.05 0.22 0.21
software per share
Acquisition related benefit for a net operating loss - - (0.01) -
carry-forward per share
Adjusted Earnings per share $0.50 $0.44 $2.03 $1.95
===== ===== ===== =====
(n) Included within the weighted average
share count for the three and twelve
months ended December 31, 2012, is
approximately 850,000 shares
resulting from the distribution
pursuant to the 2008 Nonqualified
Deferred Compensation Plan that were
not included in the weighted average
share count for the three and twelve
months ended December 31, 2011.
Non-GAAP Financial Measures
Adjusted Earnings represent net income before: (a) employee share-based compensation expense, (b) amortization of intangible assets and software, a component of depreciation and amortization, resulting from previous acquisitions, (c) debt extinguishment costs, (d) restructuring and conversion costs and (e) equity issuance and related offering costs. Reconciling items are tax effected using the income tax rates in effect for the applicable period, adjusted for any potentially non-deductible amounts. Adjusted Earnings per share represents Adjusted Earnings divided by weighted average outstanding shares on a fully diluted basis. The Company prepared Adjusted Earnings and Adjusted Earnings per share to eliminate the effects of items that it does not consider indicative of its core operating performance. The Company believes this measure provides investors with greater transparency by helping illustrate the underlying financial and business trends relating to results of operations and financial condition and comparability between current and prior periods. Adjusted Earnings and Adjusted Earnings per share are not measures of the Company's financial performance under GAAP and should not be considered as an alternative to net income or earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity.
Adjusted EBITDA is defined as EBITDA (net income plus interest expense, income tax expense, depreciation and amortization), further adjusted to exclude certain non-cash charges and other adjustments set forth in the table above. The Company presents Adjusted EBITDA because the Company considers it a useful financial metric in assessing the Company's operating performance from period to period by excluding certain items that the Company believes are not representative of its core business, such as certain material non-cash items and other adjustments that are outside the control of management. Adjusted EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity. In addition, Adjusted EBITDA can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments.
Forward-Looking Statements
Statements in this press release regarding the Company's future financial and operating results, growth, business strategy, projected costs, plans, liquidity, and ability and plans to repurchase shares and pay dividends in the future, including projected savings, anticipated productivity gains and anticipated improvements to the Company's operating model, services and technology as a result of the Service Value Commitment, as well as any other statements that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's historical performance and its plans, estimates and expectations as of February 6, 2013. The words "anticipates," "believes," "expects," "may," "plans," "predicts," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied by the Company will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual financial or operating results, levels of activity, or the timing of events, to be materially different than those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include: changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; effects of competition in the financial services industry; changes in the number of the Company's financial advisors and institutions, and their ability to market effectively financial products and services; changes in interest rates and fees payable by banks participating in the Company's cash sweep program, including the Company's success in negotiating agreements with current or additional counterparties; the Company's success in integrating the operations of acquired businesses; execution of the Company's plans related to the Service Value Commitment, including the Company's ability to successfully transform and transition business processes to third party service providers; the Company's success in negotiating and developing commercial arrangements with third party service providers that will enable the Company to realize the service improvements and efficiencies expected to result from the Service Value Commitment; the performance of third party service providers to which business processes are transitioned from the Company; the Company's ability to control operating risks, information technology systems risks and sourcing risks; the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by self-regulatory organizations; and the other factors set forth in Part I, "Item 1A. Risk Factors" in the Company's 2012 Annual Report on Form 10-K. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, even if its estimates change, and you should not rely on those statements as representing the Company's views as of any date subsequent to the date of this press release.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,300 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities offered through LPL Financial. Member FINRA/SIPC
LPLA-F
Investor Relations Media Relations
Trap Kloman Betsy Weinberger
LPL Financial LPL Financial
Phone: (617) 897-4574 Phone: (858) 900-7122
Email: investor.relations@lpl.com Email: betsy.weinberger@lpl.com
Michael Herley
Kekst and Company
Phone: (212) 521-4897
Email: michael-herley@kekst.com
SOURCE LPL Financial Holdings Inc.
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