LPL Financial has raised its CEO’s pay by around 8%, the company says.

Dan Arnold, president and CEO of LPL, earned $7.67 million in 2019, compared to $7.13 million the prior year, according to the company’s proxy statement filed with the SEC. LPL raised Arnold’s salary from $800,000 to $842,308, and also raised his stock and option awards, non-equity incentive plan compensation — which went from $2.43 million to $2.49 million — and other compensation, the company says.

Arnold owns 171,260 shares of LPL common stock and has the right to acquire 411,802, according to the filing. The company has 79.1 million shares of common stock outstanding as of March 9, LPL says.

Arnold’s 2019 earnings were 88 times the median total compensation of all LPL employees, meanwhile, according to the filing.

Rich Steinmeier, the managing director and divisional president overseeing LPL’s recruiting, saw a 27% pay cut, however. LPL paid him $2.2 million in 2019 compared to $3 million in the prior year, the company says.

LPL also slightly raised CFO Matthew Audette’s compensation, to $3.33 million, but lowered Chief Information Officer Scott Seese’s pay from $2.9 million to $2.8 million, the company says.

Arnold’s pay is significantly lower than that of other heads of major financial services firms. Ameriprise paid James Cracchiolo $24.52 million in total in 2019 while Charles Schwab paid Walt Bettinger $16.1 million.

Citigroup’s Michael Corbat earned $24 million in 2019 while Bank of America’s Brian Moynihan was paid $26.5 million. James Gorman, the chief of Morgan Stanley, made $27 million last year, while JPMorgan’s Jamie Dimon earned $31.5 million.

Edward Jones CEO Penny Pennington made $14.7 million in 2019.

Do you have a news tip you’d like to share with FA-IQ? Email us at