Wells Fargo analyst Christopher Harris downgraded LPL Financial to Market Perform citing a "much lower revenue and earnings outlook" following the company's Q4 earnings miss. Harris cut his price target range for the shares to $20-$25 from $50-$55.

LPL Financial announced that financial advisors Alejandro "Alex" De Leon and Robert "Bob" Gorman have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported having served approximately $200 million in advisory, brokerage and retirement plan assets, and join LPL from Wells Fargo Advisors. Headquartered in Corpus Christi, Texas, De Leon and Gorman were colleagues in the same office for years before deciding to team up to start their own independent practice. After more than a year of planning, sharing ideas and many redlining lunches, the team - who share more than five decades of wealth management experience - launched Spotlight Financial. De Leon and Gorman say their new firm will provide an elevated client experience with a focus on financial education and transparency.