LPL Financial posts $357M Q3 net income, down from $379M in Q2

LPL Financial reported third-quarter net income of $357 million, or $4.52 per share, on Oct. 27, 2026, down from $379 million, or $4.74 per share, in the second quarter. A year earlier, the company posted a net loss of $30 million, or $0.37 per share.

CEO Rich Steinmeier said LPL delivered improved organic growth, advanced its preparation to onboard Commonwealth, and began rolling out Cyan, its proprietary AI agent, to advisors.

LPL added 25 advisor teams and lost six over the past 12 months, according to Private Wealth Daily’s Moves Wire. The latest was on Oct. 22, when Kacy Walker moved a practice with $300 million in client assets from Cetera to LPL as an advisor. As Private Wealth Daily previously reported, LPL recruited $25 billion in the second quarter, up 35%. In the other direction, a $2.3 billion New Jersey firm, ICG next, moved from LPL to Osaic, as Private Wealth Daily reported on Oct. 26. An RIA pitching a prospective advisor against LPL is pitching against a platform that is adding teams while it prepares to bring in Commonwealth.

Form ADV filings with the SEC show LPL with $819.1 billion in regulatory assets, 41,879 employees and 2,850,994 accounts in a filing dated Oct. 13. LPL cites approximately $2.6 trillion in brokerage and advisory assets. It says it supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, serving approximately 8 million Americans.