Investors May Have Thought LPL Was Just Like Schwab. It Isn’t.

Shares of

LPL Financial

the nation’s largest independent broker-dealer, bounced back Tuesday, recouping some of the losses incurred Monday when the company’s stock fell 12%.

LPL’s stock was up 3% as of 3:30 p.m. EST, trading near $213 per share. But that’s still well below its 52-week high of $271. The stock is down 2.8% so far this year, which isn’t too bad given the pain many other financial stocks have suffered.

The Financial Select Sector SPDR Fund

(ticker: XLF) is down 7% in 2023.