LPL Financial appoints McKinsey senior advisor Somesh Khanna to its board

LPL Financial has elected Somesh Khanna to its board as an independent director; Khanna is a senior advisor at McKinsey and executive co-chair of Apexon, and the article notes several recent corporate and financial updates for LPL.

LPL Financial has elected Somesh Khanna to its board of directors as an independent director. Khanna serves as a senior advisor at McKinsey & Company and is executive co-chair of Apexon, a technology services firm focused on artificial intelligence and digital solutions. He also holds board positions at KeyCorp and Persado and has more than three decades of experience in consulting and financial services. LPL is described as a wealth management firm that supports over 32,000 financial advisors and reported roughly $2.3 trillion in brokerage and advisory assets under management. Key facts: - The article reports that Somesh Khanna was elected as an independent director and includes a board comment from LPL chair Jim Putnam about Khanna's experience. - Khanna's current roles are listed as senior advisor at McKinsey and executive co-chair of Apexon, and the article notes prior experience including leading McKinsey Digital for financial services and a CEO role at a digital business linked to eCredit. - The article lists Khanna's board roles at KeyCorp and Persado and notes his education credentials from Northwestern University's Kellogg School of Management, the Indian Institute of Management Calcutta, and the Indian Institute of Technology New Delhi. - The article mentions LPL's scale and recent financial figures, including support for over 32,000 advisors, approximately $2.3 trillion in assets under management, revenue growth of 34.55% over the last 12 months, a current ratio of 2.55, and a P/E ratio of 33.91. - The article also reports other company developments, including the appointment of Matthew Morningstar as chief legal officer, planned fee reductions and pricing simplifications effective July 2026, reported advisory and brokerage assets of $2.35 trillion for October 2025 with $7.3 billion in organic net new assets, and cited analyst commentary and price-target changes reported by TD Cowen and UBS. Summary: Khanna's election adds a director with experience in digital strategy and financial services to LPL's board, as reported. The article also details recent operational and financial updates at LPL, including leadership changes, planned advisory-platform pricing changes effective July 2026, and an upcoming earnings report on January 29. Market commentary and analyst coverage were noted in the article.