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April 12, 2022 at 01:01 PM
What You Need to Know
- LPL CEO Dan Arnold’s 2021 base salary rose 5% to $892,308.
- The value of his stock awards soared 105.4%, and his non-equity incentive plan compensation jumped 53.5%.
- Despite the increase, Arnold still earned less than CEOs at several of LPL's large rivals.
The total compensation of Dan Arnold, LPL Financial’s CEO and president, rose 77.4% to $12.9 million in 2021, according to the annual proxy filing the independent broker-dealer filed with the Securities and Exchange Commission on Friday.
Arnold’s base salary increased only 5% to $892,308. But the value of his stock awards soared 105.4% to $8.6 million, while his non-equity incentive plan compensation jumped 53.5% to $3.4 million and all other compensation grew 8.5% to $39,250.
The raise followed a 5.4 decrease in Arnold’s total compensation in 2020 from 2019 and a 0.91% increase in salary.
In the filing, the LPL board of directors’ compensation committee praised Arnold’s “strategic vision and leadership of the Company in delivering strong core business results, navigating a changing industry landscape and advancing the Company’s cultural transformation.”
LPL, meanwhile, “delivered solid business and financial results in 2021,” the firm said in the filing. The company’s total advisory and brokerage assets “reached a new high of $1.2 trillion at year-end, which represented an increase of 34% year-over-year,” it pointed out.
