LPL Financial is the largest independent broker-dealer in the U.S., serving over 32,000 financial advisors and institutions — not retail investors directly. LPL provides advisors with the infrastructure they need to run their practices: clearing, custody, compliance, technology (its "ClientWorks" workstation), and practice management support. Advisors affiliate with LPL across several models, including independent (1099), employee/W-2 through its Linsco channel, independent RIAs, and an institutional channel serving roughly 1,200 banks, credit unions, and insurance companies. LPL holds approximately $2.4T in total platform assets. Revenue is primarily asset-based — LPL earns a gross spread on advisory fees and commissions, then pays out 80-100% to advisors, keeping the net margin. LPL also earns a spread on client cash swept into bank deposit programs (~$61B in balances), recurring service and subscription fees, transaction commissions, and sponsorship fees from product manufacturers. LPL grows by recruiting new advisors (who bring existing client assets), same-store asset growth, and market appreciation. LPL has also been an active acquirer, with recent deals including Atria Wealth Solutions and Commonwealth Financial Network (~$275B in assets), the largest deal in LPL's history. A key cost is transition assistance — upfront forgivable loans paid to recruit advisors, amortized over the agreement term. LPL's model benefits from operating leverage, as fixed costs in technology and compliance are spread across a growing asset and advisor base.