o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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•	Earnings per share ("EPS") increased 9% year-over-year to $0.63, down 15% sequentially.

◦	Q3 2017 EPS prior to $0.02 of cost related to the acquisition of National Planning Holdings, Inc. ("NPH"), and $0.01 of cost related to a debt refinancing was $0.66.

◦	Q3 2016 EPS prior to $0.16 of benefit related to management tax planning initiatives from prior periods and account termination fees from an institutional client was $0.42.

◦	Q3 2017 EPS prior to the items cited above was up 57% year-over-year.

◦	Net Income increased 12% year-over-year to $58 million, down 15% sequentially.

▪	Prior to the items cited above, Q3 2017 Net Income increased 64% year-over-year.

•	Total Brokerage and Advisory Assets increased 11% year-over-year to $560 billion, up 3% sequentially.

•	Total Net New Assets were an inflow of $2.9 billion, translating to a 2% annualized growth rate.

◦	Net new advisory assets were an inflow of $6.9 billion, translating to a 12% annualized growth rate.

◦	Net new brokerage assets were an outflow of $4.0 billion, translating to a (5%) annualized rate.

◦	Advisor count decreased to 14,253, down 3 sequentially.

◦	Production retention rate year-to-date was 95%. Prior to the impact of client departures discussed during the Company's Q2 2017 earnings call, the production retention rate year-to-date was 97%.

•	Gross Profit** increased 12% year-over-year to $387 million, down slightly sequentially.

•	EBITDA** increased 30% year-over-year to $156 million, down 8% sequentially.

◦	EBITDA as a percentage of Gross Profit was 40%, up from 35% a year ago, down from 44% sequentially.

◦	Core G&A** increased 2% year-over-year to $179 million, and increased 1% sequentially.

▪	Prior to $3 million of NPH-related expenses, Core G&A** was $176 million, flat sequentially.

•	Narrowed outlook range for 2017 Core G&A** prior to NPH-related costs to $710 to $715 million.

•	Conducted $25 million of share repurchases at an average price of $46.37 per share.

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•	S&P 500 index ended the quarter at 2,519, up 4% sequentially. The S&P 500 index averaged 2,467 during the quarter, up 3% sequentially.

•	Federal Funds Daily Effective Rate averaged 116 bps during the quarter, up 21 bps sequentially.

•	Announced and closed the acquisition of NPH on August 15, 2017.

◦	As of June 30th, 2017, NPH broker/dealers served approximately 3,200 advisors and $120 billion of client assets.(1)

◦	Initial purchase price of $325 million paid at closing and a potential contingent payment of up to $123 million in the first half of 2018.

◦	NPH advisors and assets are scheduled to onboard in two waves scheduled for Q4 2017 and Q1 2018, respectively.

•	Completed debt refinancing in September to fund NPH-related costs, shift mix from floating to fixed rate debt, reduce pricing, and extend maturities. Results include:

◦	Issued $400 million of add-on senior unsecured notes (now totaling $900 million) above par with a yield to worst of 5.115% (coupon at 5.750%). Used $200 million to reduce term loan balance and plan to use the remaining proceeds for general corporate purposes, including to fund NPH-related costs.

◦	Reduced term loan and revolving credit facility spreads above LIBOR by 25 basis points each, and lowered senior secured term loan balance to $1.5 billion.

•	Returned capital to shareholders totaling $48 million or $0.52 per share.

◦	Deployed $25 million of capital to repurchase 539 thousand shares at an average price of $46.37 per share.

◦	Paid dividends of $23 million on August 24, 2017. For the fourth quarter, the Company’s Board of Directors has declared a $0.25 cent quarterly dividend to be paid on November 27, 2017 to shareholders of record as of November 9, 2017.

•	Capital expenditures were $27 million, primarily driven by technology spend.

•	Cash available for corporate use was $514 million as of quarter-end, and Credit Agreement Net Leverage Ratio, which only applies to the revolving credit facility, was 3.21x, up 0.13x from the prior quarter.

◦	After applying $300 million of cash available for corporate use to Credit Agreement Net Debt, this left an additional $214 million of cash, which if applied to the debt, would further reduce the Credit Agreement Net Leverage Ratio to 2.88x.

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(a)	The Revolving Credit Facility has a borrowing capacity of $500 million.

(b)	The LIBOR rate option is one-, two-, three- or six-month LIBOR rate and subject to an interest rate floor of 0 basis points.

(c)	The Senior Unsecured Notes were issued in two separate transactions; $500 million in notes were issued in March 2017 at par; the remaining $400 million were issued in September 2017 and priced at 103% of the aggregate principal amount.

(d)	Does not include unamortized premium of approximately $12 million as of September 30, 2017.

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(1)	The information presented on pages 9-17 includes non-GAAP financial measures and operational and performance metrics. For more information on non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” on page 3.

(2)	Other asset-based revenues consist of revenues from the Company's sponsorship programs with financial product manufacturers and omnibus processing and networking services, but does not include fees from cash sweep programs. Other asset-based revenues are a component of asset-based revenues and are derived from the Company's Unaudited Condensed Consolidated Statements of Income.

(4)	Consists of brokerage assets serviced by advisors licensed with the Company’s broker-dealer subsidiary LPL Financial LLC (“LPL Financial”).

(5)	Consists of total advisory assets under custody at LPL Financial.

(6)	Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts. The Company considers conversions from and to brokerage accounts as deposits and withdrawals respectively.

(7)	Consists of total client deposits into brokerage accounts less total client withdrawals from brokerage accounts. The Company considers conversions from and to advisory accounts as deposits and withdrawals respectively.

(8)	Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(9)	Calculated as annualized current period net new assets divided by preceding period assets in their respective categories of advisory assets or total brokerage and advisory assets.

(10)	Consists of total assets on LPL Financial's corporate advisory platform serviced by advisors who are investment advisor representatives of LPL Financial.

(11)	Consists of total assets on LPL Financial's independent advisory platform serviced by advisors who are investment advisor representatives of separate investment advisor firms ("Hybrid RIAs"), rather than of LPL Financial.

(12)	Total Brokerage and Advisory Retirement Assets are a component of Total Brokerage and Advisory Assets. This measure does not include additional retirement plan assets custodied with third parties, estimated to be approximately $137 billion.

(13)	Calculated by dividing revenue for the period by the average balance during the quarter.

(14)	Represents items that are adjustable in accordance with the Credit Agreement to calculate Credit Agreement EBITDA, including employee severance costs, employee signing costs, employee retention or completion bonuses, and other non-recurring costs.

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(15)	Consists of cash unrestricted by the Credit Agreement and other regulations available for operating, investing, and financing uses.

(16)	Under the Credit Agreement, management calculates Credit Agreement EBITDA for a four-quarter period at the end of each fiscal quarter, and in so doing may make further adjustments to prior quarters.

(17)	Financial advisors who are affiliated and licensed with insurance companies that receive customized clearing services, advisory platforms, and technology solutions from the Company.

(18)	Calculated based on the average advisor count from the current period and prior period.

(19)	Calculated based on the end of period Total Brokerage and Advisory Assets divided by end of period Advisor count.

(20)	Represents the amortization expense amount of forgivable loans from transition assistance paid to advisors and financial institutions.

(21)	Represents annualized Gross Profit (see FN 1) for the period, divided by Total Brokerage and Advisory Assets at the end of the period.

(22)

Represents annualized operating expenses for the period, excluding production-related expense, divided by Total Brokerage and Advisory Assets at the end of the period. Production-related expense includes commissions and advisory expense and brokerage, clearing and exchange expense. For purposes of this metric, operating expenses includes Core G&A (see FN 3), Regulatory, Promotional, Employee Share Based Compensation, Depreciation & Amortization, and Amortization of Intangible Assets.

(23)	EBIT ROA is calculated as Gross Profit ROA less OPEX ROA.

(24)	Reflects retention of commission and advisory revenues, calculated by deducting the prior year production of the annualized year-to-date attrition rate, over the prior year total production.

(25)	Capital Allocation per Share equals the amount of capital allocated for share repurchases and cash dividends divided by the diluted weighted-average shares outstanding.