What smart money is saying about LPL Financial Holdings Inc.
3 funds in our archive have pitched LPL Financial Holdings Inc. — most recently Baron Asset Fund in June 2025.
LPL Financial Holdings Inc., together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes. The company also provides advisory platforms that provide access to mutual funds, exchange-traded funds, stocks, bonds, certain option strategies, unit investment trusts, and institutional money managers and no-load multi-manager variable annuities. In addition, it offers money market programs; and retirement solutions for commission-and fee-based services that allow advisors to provide brokerage services, consultation, and advice to retirement plan sponsors. Further, the company provides other services comprising tools and services that enable advisors to maintain and grow their practices; trust, investment management oversight, and custodial services to trusts for estates and families, as well as insurance brokerage general agency services; and technology products, such as proposal generation, investment analytics, and portfolio modeling. The company was formerly known as LPL Investment Holdings Inc. and changed its name to LPL Financial Holdings Inc. in June 2012. LPL Financial Holdings Inc. was founded in 1989 and is based in San Diego, California.
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Position history
Between Q4 2024 and Q3 2026, 6 fund letters reported a position in LPL Financial Holdings Inc. — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 5 | 0 | 1 | 0 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 2 |
Fund activity · 6 positions · 1 move
- July 2026
“Having said that, we have reduced the position size following the recent strong share price performance. Other positive contributors included LPL Financial (Financials) and Accenture (Information Technology), as well as non- exposures to Micron Technology (Information Technology), Tesla (Consumer Discretionary) and Intel (Information Technology).”
LPL Financial Holdings Inc. - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
LPL Financial Holdings Inc. - June 2026
Listed in Coronation Global Managed Strategy’s reported holdings.
LPL Financial Holdings Inc. - June 2026
“Shares of LPL Financial Holdings Inc. , the largest independent broker-dealer in the U.S., declined 6.1% during the quarter due largely to market-driven concerns. With continued improvement in frontier AI models, investors worry that automated cash management could erode the client sweep balances that generate spread income, a meaningful contributor to LPL's revenue and margins. This narrative weighed on the stock even as the underlying business continued to perform well. LPL posted better-than-expected first quarter results with a 30% year-on-year AUM growth and a 20% year-on-year adjusted EBITDA growth, guided to improving recruiting momentum, and made progress integrating Commonwealth Financial Network, which it acquired in 2025. LPL's cash balances are actively managed by advisors, meaning there is little excess cash left for an AI tool to optimize. Cash held in client accounts is primarily used for trading, taxes, and fees. The company has also communicated that it is exploring options to reduce its reliance on sweep cash revenue, and we expect a change in the model over the next 12 to 18 months. Consequently, we view the recent weakness as a sentiment overhang rather than a deterioration in the company's long-term earnings power. We remain shareholders.”
LPL Financial Holdings Inc. - HoldsBaron Financials ETFJune 2026
“Independent broker-dealer LPL Financial Holdings Inc. was another detractor in Capital Markets, largely due to concerns that AI-driven cash management could erode the client sweep balances that earn significant interest income for LPL. This narrative weighed on the stock even as the underlying business continued to perform well. We see little risk to LPL’s cash balances, and management is exploring options to reduce the company’s reliance on sweep cash revenue. Consequently, we believe the share price weakness reflects a temporary sentiment overhang rather than a deterioration in the company’s growth outlook.”
LPL Financial Holdings Inc. - June 2026
Listed in Baron Durable Advantage Strategy’s reported holdings.
LPL Financial Holdings Inc.
Fund coverage · 3 theses
- Baron Asset FundJune 2025
LPL Financial Holdings Inc. is well-positioned to capitalize on the growing demand for independent financial advice by leveraging its leading technology, scale, and advisor incentives to gain market share and drive substantial EBITDA and earnings per share growth.
Read the full thesis - Diamond Hill Mid Cap FundDecember 2024
LPL Financial is well-positioned for double-digit revenue and earnings growth despite concerns over cash flows and regulatory scrutiny
Read the full thesis - Baron Opportunity FundDecember 2024
LPL Financial Holdings Inc. is a leading independent broker-dealer in the U.S., capitalizing on the growing demand for financial advice and shifting preferences among advisors towards independent models, supported by advanced technology and operational flexibility.
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