LPL Financial's lackluster performance in 2014 meant a 10% pay cut for chairman and chief executive Mark Casady, but the independent broker-dealer's board of directors clearly wants Casady to stick around -- and will make it worth his while to do so.

Casady's total compensation for 2014 was $5.5 million, compared with $6.1 million in 2013, according to the financial service company's 2015 proxy statement released this week. LPL's compensation committee cited "lagging earnings results" in explaining the cut; the company's net income in 2014 declined 2% to $178 million and earnings per share only rose 1.7% to $1.75.

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