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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access