What changed in this filing

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Item 3. Legal Proceedings

2023-02-23 compared with 2022-02-22 · 79 added, 58 removed, 71 unchanged (66% of the section changed)

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Not applicable.

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Information about our Executive Officers

On February 16, 2023, the Company announced an organizational realignment of certain business functions in support of its client experience.

The following table provides certain information about each of the Company’s executive officers as of the date this Annual Report on Form 10-K has been filed with the SEC:

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Arnold 58 President and Chief Executive Officer

Audette 47 Chief Financial Officer

Matthew Enyedi 48 Managing Director, Business Solutions

Edward Fandrey 46 Managing Director, Divisional President, Advisor Solutions

Audette 48 Chief Financial Officer and Head of Business Operations

Matthew Enyedi 49 Managing Director, Client Success

Greg Gates 45 Managing Director, Chief Technology & Information Officer

Larsen 68 Managing Director, Chief Human Capital Officer

Michelle Oroschakoff 60 Managing Director, Chief Legal Officer

Dayton Semerjian 57 Managing Director, Chief Customer Care Officer

Aneri Jambusaria 39 Managing Director, LPL Services Group

69 Managing Director, Chief Human Capital Officer

Michelle Oroschakoff (1)

61 Managing Director, Chief Legal Officer

Dayton Semerjian (2)

58 Managing Director, Chief Customer Care Officer

Kabir Sethi 52 Managing Director, Chief Product Officer

Richard Steinmeier 49 Managing Director, Divisional President, Business Development

53 Managing Director, Investor and Investment Solutions, Chief Investment Officer

____________________

White will be retiring from the Company in March 2022.

Larsen and Ms.

Oroschakoff will be retiring from the Company in 2023.

Semerjian will be departing the Company in March 2023.

Executive Officers

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Arnold worked at UVEST for 13 years serving most recently as president and chief operating officer.

From April 2015 to July 2018, he served on the board of directors of the Securities Industry and Financial Markets Association (“SIFMA”).

Arnold earned a B.S.

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in finance from Georgia State University.

Audette — Chief Financial Officer

Audette is our chief financial officer.

He is responsible for the Company’s core financial functions including:

financial planning and analysis, controllership, tax, internal audit, treasury, corporate development and investor relations.

Prior to joining LPL Financial in 2015, Mr.

Audette served as executive vice president and chief financial officer of E*TRADE Financial Corporation (E*TRADE”).

Audette — Chief Financial Officer and Head of Business Operations

Audette has served as our chief financial officer since 2015 and head of business operations since February 2023, with responsibility for the Company’s financial, risk, compliance and client operations functions.

He leads the Company’s financial planning and analysis, treasury, controllership, tax, internal audit, corporate development and investor relations functions.

In addition, he oversees the teams responsible for delivering operational speed and transparency, along with continued strong compliance and risk management, to the Company’s advisors and enterprises.

Since joining LPL Financial in 2015 as chief financial officer, Mr.

Audette has led corporate acquisitions, debt transactions, the client deposit portfolio, expense management and capital allocation.

In addition, he oversaw the LPL Services Group from May 2022 until February 2023.

Prior to joining LPL Financial, Mr.

Audette served as executive vice president and chief financial officer of E*TRADE Financial Corporation.

During his 16 years with E*TRADE, he was a key contributor in the growth of the franchise, leading a variety of corporate transactions and capital activities.

Audette began his career in the financial services practice at KPMG.

Audette earned a Bachelor of Science in accounting from Virginia Polytechnic Institute and State University, popularly known as Virginia Tech.

Matthew Enyedi — Managing Director, Business Solutions

Enyedi has served as managing director, business solutions of LPL Financial since November 2020.

He is responsible for developing and deploying a suite of automated professional services to LPL Financial advisors, and aligning them with the firm’s other programs that support advisors as business owners.

From January to November 2020, Mr.

Enyedi served as managing director, national sales of LPL Financial, overseeing an integrated group of product and platform sales consultants focused on helping financial advisors and institutions navigate and grow in an increasingly complex financial services landscape.

Prior to his promotion to managing director, Mr.

Enyedi served as executive vice president, national sales from March 2015 to January 2020.

In that role, he led the firm’s data analytics and business intelligence efforts, and oversaw a team focused on providing front- and middle-office capabilities to help advisors grow their businesses and reach new segments of clients.

He was also previously responsible for teams supporting LPL Financial’s RIA custody and high-net-worth solutions.

Enyedi joined LPL Financial in 2003 and has also served as senior vice president, vice president, corporate strategy and assistant vice president of advisory consulting.

Prior to joining the firm, he worked as a financial advisor with UBS PaineWebber.

Enyedi received a B.A.

Audette earned a B.S.

in accounting from Virginia Polytechnic Institute and State University, popularly known as Virginia Tech.

Matthew Enyedi — Managing Director, Client Success

Enyedi has served as managing director, client success since February 2023.

The client success organization is a client-centered, cross-functional team responsible for fueling the sustained success and satisfaction of the Company’s advisors and enterprises.

Under this organization, the relationship management, marketing and

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communications, service and supervision teams focus on providing an integrated and consistent experience across clients’ primary touchpoints with LPL.

Enyedi served as managing director, national sales and marketing from April 2022 to February 2023, with responsibility for growing the Company’s client relationships.

He served as managing director, business solutions from November 2020 to April 2022, with responsibility for developing and deploying the platform of professional services for advisors now included in the LPL Services Group.

Prior to that, he led LPL Financial’s national sales and wealth management organizations and was responsible for data analytics and accelerating the organic growth of the Company’s advisors across planning, advisory, brokerage and retirement plan services.

Prior to joining LPL Financial in 2003, he worked as a financial advisor with UBS PaineWebber.

Enyedi earned a B.A.

in speech communication and business administration from the University of San Diego.

He also holds the Certified Investment Management Analyst® designation from the Haas School of Business at the University of California, Berkeley.

Edward Fandrey — Managing Director, Divisional President, Advisor Solutions

Fandrey has served as managing director, divisional president, advisor solutions of LPL Financial since January 2021.

In this role, he is responsible for leading LPL Financial’s strategic plan to expand engagement with advisors, partnering with them to utilize the firm’s evolving affiliation models, optimally leverage its tools and capabilities, and fully support their growth initiatives and other business needs.

Prior to joining LPL Financial, he served as vice president of the Financial Services business at Microsoft Corporation from 2016 to 2021, where he led an organization of sales, support, technology and customer success professionals driving client-centric digital transformation across leading banks, insurance companies, hedge funds and capital markets firms.

Fandrey joined Microsoft in 2000 and held various leadership roles including chief of staff for Worldwide Sales and Marketing.

He earned his bachelor’s degree in psychology from the State University of New York at Albany and has multiple technology and developer certifications.

He earned the Certified Investment Management Analyst® designation from the Haas School of Business at the University of California, Berkeley.

Greg Gates — Managing Director, Chief Technology & Information Officer

Gates has served as managing director, chief technology & information officer of LPL Financial since July 2021.

In this role he is responsible for managing all aspects of the firm’s technology and systems applications.

He leads a high-performing information technology organization responsible for delivering technology solutions and market-leading platforms that enable positive, compelling experiences for LPL Financial advisors and employees.

Gates joined LPL in 2018 with nearly two decades of senior-level management experience focused on the application of technology to solve business challenges on a global scale.

In this role he is responsible for managing all aspects of the Company’s technology and systems applications.

He leads an information technology organization responsible for delivering technology solutions and market-leading platforms that enable positive, compelling experiences for our advisors, enterprises and employees.

Gates joined LPL Financial in 2018 with nearly two decades of senior-level management experience focused on the application of technology to solve business challenges on a global scale.

Before joining LPL Financial, Mr.

Gates led product management and engineering teams at PayPal from 2011 to 2018, focusing on internal technology platforms, merchant and consumer experiences, risk and security, and global operations.

Prior to that, at Bank of America he led a number of technology organizations, culminating in leadership of Bank of America’s Contact Center Technology from 2002 to 2011.

Gates earned his bachelor’s degree in biomedical engineering from Vanderbilt University in 1999, and has successfully completed multiple leadership, continuing education, and certification programs from several organizations.

Prior to that, he led a number of technology organizations at Bank of America, culminating in leadership of Bank of America’s Contact Center Technology from 2002 to 2011.

Gates earned his B.S.

in biomedical engineering from Vanderbilt University and has successfully completed multiple leadership, continuing education and certification programs from several organizations.

Aneri Jambusaria – Managing Director, LPL Services Group

Jambusaria has served as managing director, LPL Services Group since February 2023.

In this role, she is responsible for the development and delivery of LPL Financial’s portfolio of business services, planning and advice services, and value-added consultation functions, which address key challenges advisors and enterprises face in serving investors and operating their businesses.

Jambusaria joined LPL Financial in 2020 as executive vice president, strategy and new ventures and transitioned into an expanded role in 2021 to lead the LPL Services Group.

Prior to joining LPL Financial, Ms.

Jambusaria held various positions at Fidelity Investments, most recently as head of the Planning Office for Enterprise Strategy and Planning.

During her nine years at Fidelity, she helped shape strategy for business lines while gaining a strong understanding of wealth management and the products, solutions and technologies that serve investors.

Before Fidelity, she worked as a senior consultant for Deloitte’s financial services practice.

Jambusaria earned her B.S.

in economics from the Wharton School at the University of Pennsylvania and her M.B.A.

from Northwestern University’s Kellogg School of Management.

Larsen — Managing Director, Chief Human Capital Officer

Larsen is managing director, chief human capital officer of LPL Financial.

She is responsible for overseeing executive communication, human resources, talent development, corporate real estate, total rewards and talent acquisition, advisor and employee learning and development and diversity and inclusion.

Larsen joined us in May 2012 from the Federal Home Loan Bank/Office of Finance, where she served as the chief human resources officer from November 2009 to April 2012.

She is responsible for overseeing human resources, executive communication, talent development, corporate real estate, total rewards and talent acquisition, advisor and employee learning and development, and diversity, equity and inclusion.

Larsen joined LPL Financial in May 2012 from the Federal Home Loan Bank/Office of Finance, where she served as the chief human resources officer from November 2009 to April 2012.

In earlier roles, Ms.

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Oroschakoff is managing director, chief legal officer of LPL Financial.

She is responsible for company-wide legal and government relations matters, risk management processes and controls, compliance and governance, and has a leading role in LPL Financial’s ongoing focus on enhancing the corporate risk profile.

Oroschakoff has more than 20 years of financial services industry experience in legal, compliance and risk management.

She is responsible for company-wide legal, regulatory and government relations matters and has a leading role in LPL Financial’s ongoing focus on enhancing the corporate risk profile.

Oroschakoff has more than 20 years of financial services industry experience in legal, compliance and risk management, including leading the Company’s compliance and risk management functions from 2013 to February 2023.

She joined LPL Financial as managing director, chief risk officer in September 2013 from Morgan Stanley, and was promoted to chief legal and risk officer in June 2017.

She became chief legal officer in June 2018.

At Morgan Stanley, she most recently served as managing director and global chief risk officer of the firm’s Global Wealth Management Group from 2011 to 2013.

At Morgan Stanley, she most recently served as managing director and

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global chief risk officer of the firm’s Global Wealth Management Group from 2011 to 2013.

Previously, while with Morgan Stanley, she served as chief administrative officer from 2010 to 2011, as well as chief compliance officer from 2006 to 2010.

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She also served as the general counsel for a large and successful RIA firm where she became familiar with the independent model.

She also serves on the SIFMA Compliance and Legal Executive Committee.

She is the President of the SIFMA Compliance and Legal Executive Committee.

Oroschakoff earned a B.A.

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Semerjian has served as managing director, chief customer care officer of LPL Financial since February 2019.

He is responsible for LPL Financial’s customer satisfaction and client-centric efforts and leads Service, Trading and Operations, LPL Financial’s largest business unit.

He has been responsible for LPL Financial’s customer satisfaction and client-centric efforts and led Service, Trading and Operations, LPL Financial’s largest business unit.

As a result of the organizational realignment announced in February 2023, Mr.

Semerjian will depart the Company effective March 31, 2023.

Before joining LPL Financial, Mr.

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He was also awarded an advanced certificate of executive management by the MIT Sloan School of Management.

Kabir Sethi — Managing Director, Chief Product Officer

Sethi has served as managing director, chief product officer of LPL Financial since May 2022.

He is responsible for LPL Financial’s technology platforms and wealth management offerings, ensuring the delivery of innovative products to advisors and clients.

In this role, he provides strategic leadership and direction to the wealth management solutions, investment research, investor product experience, advisor technology products, and data and analytics teams, who are focused on delivering wealth solutions and digital capabilities for our advisors and enterprises, to enable them to continue driving growth and productivity in all areas of their businesses.

Prior to joining LPL Financial, Mr.

Sethi spent 18 years at Merrill Lynch, at which he held several leadership positions, including managing director in Bank of America’s Global Wealth & Investment Management division.

He also served as head of Digital for Merrill Lynch Wealth Management and was responsible for digital platforms, including the financial advisor experience, wealth planning, and social media.

Sethi earned a B.A.

in economics from St.

Stephen’s College at Delhi University, an M.I.B.

from Columbia University, and an M.B.A.

from Indian Institute of Management.

Richard Steinmeier — Managing Director, Divisional President, Business Development

Steinmeier has served as managing director and divisional president, business development of LPL Financial since August 2018.

In this role, he has responsibility for recruiting new financial advisors and institutions to LPL Financial and to existing advisor practices, as well as exploring new markets and merger and acquisition opportunities.

In this role, he has responsibility for recruiting new advisors and enterprises to LPL Financial and to existing advisor practices, as well as exploring new markets and merger and acquisition opportunities.

Prior to joining LPL Financial, Mr.

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from Stanford University.

White — Managing Director, Investor and Investment Solutions, Chief Investment Officer

White has served as managing director, investor and investment solutions and chief investment officer of LPL Financial since January 2017.

He served as managing director, research, and chief investment officer from 2009 to December 2016.

White is responsible for the strategic direction and continued growth of LPL Financial’s research, marketing, products and investment platforms.

Prior to joining us in November 2007, Mr.

White served as a managing director and director of research for Wachovia Securities for 10 years.

White was also an investment analyst for Mercer Investment Consulting where he provided investment advice to institutional clients.

He started his financial services career on the buy side of the business as a research analyst for Thompson, Siegel, and Walmsley, a value-oriented asset manager.

White received a B.B.A.

from the College of William and Mary.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 3. Legal Proceedings