Record Advisor Recruiting Inflecting Growth

Research evidence excerpt

Record Advisor Recruiting Inflecting Growth

Idea

July 31, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMLPL Financial Holdings Inc. | North America Michael J. Cyprys, CFA, CPA

Equity Analyst

Record Advisor Recruiting Michael.Cyprys@morganstanley.comBarron Thomas +1 212 761-7619

Research Associate

Barron.Thomas@morganstanley.com +1 212 761-2624

Inflecting Growth

LPL Financial Holdings Inc. (LPLA.O, LPLA US)

Top Pick

AlphaSignals Earnings Reaction Brokers, Asset Managers & Exchanges | United States of

America

Unchanged Modest upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month Stock Rating Overweight

consensus EPS Industry View In-Line

Source: Company data, Morgan Stanley Research Price target $387.00

Shr price, close (Jul 30, 2026) $339.17

2Q beat reinforces our constructive LPLA thesis, with recruiting Mkt52-Weekcap, currRange(mm) $403.58-260.15$27,251

momentum inflecting, record pipelines and AI-enabled

differentiation supporting improving organic growth into 2H26. See our recent notes here:

July trends were seasonally softer, but underlying cash sweep Brokers & Exchanges: 2Q26 Preview: Catalyst-

Rich Path Ahead Despite 2Q Selloff (10 Jul

and flow trends remain constructive. Overweight

2026)

Robinhood Markets, Inc.: Strong 2Q Beat and

Key Takeaways

Product Velocity; July NNA Slows (30 Jul 2026)

LPLA reported strong 2Q beat with EPS of $5.84, that's 11% above MSe and 9% Charles Schwab Corp: Improving NNA Growth

above Cons with 1% better gross profit, -4% lower opex, 6% better EBITDA vs and Revenue Diversification Strengthen Re-

cons. Rating Case (22 Jul 2026)

Recruiting momentum improves, with $25bn of recruited assets (up 47% q/q) and Global Banks & Exchanges: Digital Rails, Real