Regulatory troubles have clobbered profits again at the country's largest independent broker-dealer.

LPL Financial's third-quarter profit slumped 11.6% to $33.3 million from $37.6 million for the year-earlier period, a casualty of increased regulatory expenses. The company, a perennial No. 1 on the annual FP50 ranking of the country's biggest IBDs, was forced to spend $23 million in regulatory expenses in the third quarter, $18 million more than it had anticipated. 

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