Core Insights - LPL Financial is currently experiencing an asset retention rate of over 80% from Commonwealth Financial Network advisors, which is below the original target of 90% but executives remain optimistic about achieving this goal [1][2] Group 1: Advisor Retention and Performance - The average advisors who have signed to stay with LPL are larger, faster-growing, and higher producers compared to those who have left [2] - LPL's top recruiters are focused on retaining Commonwealth advisors, indicating a strategic emphasis on maintaining advisor relationships [2] Group 2: Conversion and Future Plans - LPL is on track to complete the conversion of Commonwealth by the fourth quarter of 2026, with plans to resume organic recruiting efforts as the conversion approaches [3] - The firm anticipates a return to more normalized recruiting outcomes, driven by increased win rates in traditional markets [4] Group 3: Market Position and Recruitment - The acquisition of Commonwealth is seen as a validation of LPL's market position, attracting attention from W-2 advisors [5] - In the fourth quarter, LPL recruited $14 billion in assets, with $104 billion in total recruited assets for 2025, and an increase in advisor headcount to 32,178 [5]

(US GAAP) Consolidated Results of Operations Third quarter, year ending March 2026 January 2026 Nomura Holdings, Inc. © Nomura Outline Presentation Financial Supplement 1 ◼ Executive summary (p. 2-3) ◼ Trend in stable revenue (p. 4) ◼ Overview of results (p. 5) ◼ Business segment results (p. 6) ◼ Wealth Management (p. 7-9) ◼ Investment Management (p. 10-11) ◼ Wholesale (p. 12-14) ◼ Banking (p. 15) ◼ Non-interest expenses (p. 16) ◼ Robust financial position (p. 17) ◼ Consolidated balance sheet (p. 19) ◼ Valu ...

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Core Business Growth - The company achieved recruited assets of $14 billion in Q4, totaling $104 billion for the year, with pipelines near record levels [1] - Organic net new assets were $23 billion in Q4, reflecting a 4% annualized growth rate, contributing to record adjusted EPS of $5.23, a 23% increase year-over-year [2] - Total assets reached a record $2.4 trillion in Q4, driven by organic growth and higher equity markets [3][9] Strategic Initiatives - The acquisition of Commonwealth Financial Network was completed, marking the largest deal in the company's history, adding approximately 3,000 advisers [3] - The company is focused on three key priorities: maintaining client-centricity, empowering employees, and improving operating leverage [2] - The onboarding of retail wealth management businesses from WinTrust Financial and First Horizon added approximately $34 billion in client assets [4] Financial Performance - Adjusted pretax margin was approximately 36%, with gross profit of $1.542 billion, up $62 million sequentially [9] - Client cash revenue was $456 million in Q4, up $14 million from Q3, with overall client cash balances ending the quarter at $61 billion, an increase of $5 billion sequentially [10] - The payout rate increased to 88%, up 53 basis points from Q3, due to seasonal production bonuses [10] Operational Efficiency - Core G&A expenses were $536 million in Q4, with full-year expenses at $1.852 billion, reflecting progress in efficiency [13] - The company expects core G&A growth of 4.5% to 7% in 2026, with investments aimed at improving efficiency and client experience [14][78] - The integration of Commonwealth is progressing well, with a focus on enhancing service delivery and adviser experience [41][45] Market Position and Future Outlook - The company is well-positioned to serve advisers and institutions, aiming for sustained industry-leading organic growth and long-term shareholder value [7] - The recruiting environment remains competitive, with a focus on improving capture rates from wirehouse and regional employee advisers [25][49] - The company anticipates a gradual return to normalized recruiting outcomes, supported by increased awareness of its value proposition [25][32]

Financial Data and Key Metrics Changes - LPL Financial reported record adjusted earnings per share (EPS) of $20.09 for the year, with a fourth quarter EPS of $5.23, representing a 23% increase year-over-year [6][12] - Total assets reached a record $2.4 trillion, up 2% from the previous quarter, driven by organic growth and higher equity markets [12][19] - Organic net new assets for Q4 were $23 billion, reflecting a 4% annualized growth rate, while total organic net new assets for the year were $147 billion, or approximately 8% growth [6][12] Business Line Data and Key Metrics Changes - Recruited assets in Q4 amounted to $14 billion, bringing the total for the year to $104 billion [7] - The company maintained a high asset retention rate of 97% for Q4 and over the last 12 months, indicating strong advisor experience and service improvements [8] - Commission advisory fees net of payout were $453 million in Q4, up $27 million from Q3, while client cash revenue was $456 million, up $14 million from Q3 [12][13] Market Data and Key Metrics Changes - The company added approximately $13 billion in assets during Q4 in traditional markets, maintaining industry-leading capture rates of advisors in motion [8] - The overall market environment remains competitive, with elevated advisor movement and retention challenges due to the Commonwealth acquisition [44][66] Company Strategy and Development Direction - LPL Financial aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [7] - The integration of Commonwealth Financial Network is a key strategic priority, with expectations of onboarding in Q4 and a target operating model being developed [9][60] - The company is investing in technology and capabilities to enhance advisor experience and operational efficiency [11][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 90% retention rate for Commonwealth assets, citing the quality of advisors committed to stay [25][29] - The recruiting environment is expected to normalize, with pipelines near record levels, although the timing of conversions may vary based on advisor decision-making processes [42][78] - Management remains optimistic about sustaining mid- to high single-digit growth over the long term, supported by improved advisor capture rates and brand awareness [32][66] Other Important Information - Core G&A expenses for Q4 were $536 million, with full-year Core G&A at $1.852 billion, reflecting efficiency improvements [16] - The company ended Q4 with corporate cash of $470 million and a leverage ratio of 1.95x, indicating a strong capital management position [19] - Share repurchases were paused following the Commonwealth acquisition announcement, with plans to revisit after onboarding [19][99] Q&A Session Summary Question: Commonwealth retention and recruiting outlook - Management reaffirmed confidence in achieving the 90% asset retention target for Commonwealth, highlighting that advisors committed to stay are larger and higher producers [25][29] - The recruiting pipeline is expected to improve as focus shifts back to organic recruiting efforts post-Commonwealth onboarding [31][42] Question: EBITDA contribution and asset growth - Management explained that the estimated run rate EBITDA of $425 million post-integration considers various factors, including interest rate impacts and asset growth [36][37] Question: Growth outlook and recruiting dynamics - Management noted that advisor movement remains tempered compared to historical levels, with the Commonwealth acquisition influencing current recruiting dynamics [41][44] Question: Integration progress with Prudential - Management reported positive growth in advisor headcount and net new assets from Prudential, indicating strong partnership potential for future insurance channel growth [84][86]

Financial Data and Key Metrics Changes - The company achieved record adjusted earnings per share (EPS) of $5.23 in Q4, representing a 23% increase from the previous year [6][12] - Total assets reached a record $2.4 trillion, driven by organic growth and higher equity markets, with organic net new assets of $23 billion, reflecting a 4% annualized growth rate [6][12] - For the full year, total organic net new assets were $147 billion, equating to an approximately 8% growth rate [12] Business Line Data and Key Metrics Changes - Commission and advisory fees net of payout were $453 million in Q4, up $27 million from Q3 [12] - Client cash revenue increased to $456 million, up $14 million from Q3, with client cash balances ending the quarter at $61 billion, up $5 billion sequentially [13] - Transaction revenue for Q4 was $75 million, an increase of $8 million from Q3, driven by increased trading volumes [14] Market Data and Key Metrics Changes - The company maintained a 97% asset retention rate for Q4 and over the last 12 months, indicating strong advisor experience and service delivery [8] - Recruited assets in Q4 totaled $14 billion, contributing to a total of $104 billion for the year [7] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [7] - The acquisition of Commonwealth Financial Network is a significant strategic move, expected to enhance the company's offerings and advisor retention [9][10] - The company is investing in automation and efficiency improvements to enhance the advisor experience and drive operating leverage [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 90% retention rate for Commonwealth assets, citing the quality of advisors committed to stay [25][29] - The recruiting environment remains competitive, with a focus on improving organic growth as pipelines build [44] - Management anticipates that as recruiting activity normalizes, organic growth will pick up, positioning the company for sustained growth [44] Other Important Information - The company ended Q4 with corporate cash of $470 million and a leverage ratio of 1.95x, indicating a strong financial position [19] - Core G&A for Q4 was $536 million, with expectations for continued investment in business efficiencies and growth [16] Q&A Session Summary Question: Concerns about Commonwealth retention rates - Management reaffirmed confidence in achieving the 90% asset retention target, highlighting that advisors committed to stay are larger and higher producers [25][29] Question: Clarification on EBITDA contribution post-acquisition - Management explained that while assets have grown, interest rate cuts and cash sweep dynamics offset potential increases in EBITDA estimates [36] Question: Growth outlook and recruiting dynamics - Management noted that advisor movement remains tempered compared to historical levels, with a focus on transitioning back to regular recruiting as Commonwealth onboarding progresses [41][44] Question: Integration progress with Prudential - Management reported strong growth in Prudential's advisor headcount and positive outcomes from the partnership, indicating potential for further collaborations with other firms [84][86]

Financial Data and Key Metrics Changes - The company reported record adjusted earnings per share (EPS) of $5.23 for Q4 2025, an increase of 23% year-over-year [4][11] - Total assets reached a record $2.4 trillion, driven by organic growth and higher equity markets [4][11] - Organic net new assets for Q4 were $23 billion, representing a 4% annualized growth rate, while total organic net new assets for the year were $147 billion, or approximately 8% growth [4][11] Business Line Data and Key Metrics Changes - Recruited assets in Q4 amounted to $14 billion, bringing the total for the year to $104 billion [5] - The company maintained a 97% asset retention rate for Q4 and the last 12 months, reflecting strong advisor experience enhancements [6][7] - Commission advisory fees net of payout were $453 million, up $27 million from Q3 [11] Market Data and Key Metrics Changes - The company added approximately $13 billion in assets during Q4 in traditional markets, maintaining industry-leading capture rates of advisors in motion [6] - The mix of fixed-rate balances in the ICA portfolio ended the quarter at roughly 55%, within the target range of 50%-75% [12] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [5] - The integration of Commonwealth Financial Network is a key strategic priority, with expectations of onboarding approximately 90% of client assets [8] - The company is investing in technology and operational efficiencies to enhance advisor experience and drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 90% asset retention target for Commonwealth, citing the quality of advisors committed to stay [27] - The recruiting environment remains competitive, with expectations for organic growth to improve as recruiting activity normalizes [41] - The company anticipates a gradual return to more normalized recruiting outcomes, driven by increased win rates in traditional markets [29] Other Important Information - The company ended Q4 with corporate cash of $470 million, down $99 million from Q3, and a leverage ratio of 1.95x [18] - Core G&A for Q4 was $536 million, with expectations for 2026 Core G&A growth of 4.5%-7% [15][16] Q&A Session All Questions and Answers Question: Concerns about Commonwealth retention rates - Management reassured that retention rates are based on committed assets, with over 80% of advisors signed to stay, indicating a strong group of larger, faster-growing advisors [25][28] Question: Clarification on EBITDA contribution post-acquisition - Management explained that while assets have increased, recent interest rate cuts and cash sweeps have offset some expected EBITDA growth, maintaining the estimate at $425 million [34] Question: Outlook on recruiting and organic growth - Management noted that recruiting activity is expected to normalize over the year, with pipelines building towards record levels, but the timing of conversions will depend on advisor decision-making processes [39][41] Question: Progress on Prudential integration - Management highlighted that Prudential's advisor headcount growth has accelerated, and the partnership is yielding positive results, positioning the company well for future collaborations [80][81]

LPL Financial Holdings Inc. Q4 2025 Investor Presentation January 29, 2026 Member FINRA/SIPC Notice to Investors: Safe Harbor Statement Statements in this presentation regarding LPL Financial Holdings Inc.'s (together with its subsidiaries, the "Company") future financial and operating results, growth, plans, priorities, business strategies, capabilities, and outlook, including forecasts and statements relating to the Company's future advisory and brokerage asset levels and mix, organic asset growth, market ...

Key Business Results - Net income for Q4 2025 was $301 million, translating to diluted EPS of $3.74, a 4% increase from Q4 2024 [3][7] - Adjusted EPS increased 23% year-over-year to $5.23 [3] - Gross profit rose 26% year-over-year to $1,542 million [3] - Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillion [3] - Total organic net new assets were $23 billion, representing a 4% annualized growth [3] Key Financial Results - For the full year 2025, net income was $863 million, translating to diluted EPS of $10.92, down 22% from the previous year [3][23] - Adjusted EPS for the year increased 22% year-over-year to $20.09 [3] - Gross profit for the year increased 24% year-over-year to $5.60 billion [3] - Total organic net new assets for the year were $147 billion, representing an 8% growth rate [3] Key Capital and Liquidity Measures - Corporate cash stood at $470 million [3] - Leverage ratio was 1.95x [3] - Dividends paid in Q4 2025 were $24 million, with a total of $94 million for the year [3] M&A Updates - The company is on track to complete the conversion of Commonwealth Financial Network in Q4 2026, expecting asset retention of approximately 90% and run-rate EBITDA of approximately $425 million [3] Market Performance - The S&P 500 Index at the end of Q4 2025 was 6,846, a 2% increase from Q3 2025 [31] - Total advisory assets reached $1.4 trillion, a 46% increase year-over-year [3][31] - Client cash balances increased to $61 billion, up $5 billion sequentially and $6 billion year-over-year [3]

Social-Media Influencers Can Get Rich. How One Advisor Helps Them Manage Money. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.---# Social-Media Influencers Can Get Rich. How One Financial Advisor Helps Them Manage Their Money.## Siebert Fin ...