Investor Presentaiton

4 Resilient business model with natural hedges to market volatility Our client cash balances are largely operational and as a percent of client assets, have been stable across rate cycles Client Cash Balances (13) ($B) Client Cash percent of Total Assets $64.1 $57.1 $54.6 $48.5 $36.0 $32.5 5.7% 5.8% 5.4% 4.7% 4.6% 4.3% 2018 2019 2020 2021 2022 Q1'23 Fed Funds target (bps) 225 150 0 0 425 475 t Since the start of the last interest rate cycle in Q4'16 . Client cash as a % of assets has averaged ~5%† Our client cash balances are largely operational - Typically small balances used for rebalancing, paying advisory fees, and customer withdrawals - This is reflected in the low client cash balances, which average -5% or $7K per account The primary factor that moves that % of client cash up or down is market sentiment rather than rate seeking behavior When clients are fully deployed in the market, the ratio has gone as low as ~4%, like we saw in 2019 In Q1 2023, cash was 4.6% of client assets, slightly below the long-term average Cash balances declined in the quarter, driven by record net buying of $37B LPL Financial Member FINRA/SIPC 20 20

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