LPL Financial Holdings Inc, the largest independent broker-dealer and registered investment adviser in the United States, is exploring strategic alternatives, including a potential sale, according to people familiar with the matter.

The move comes as LPL faces an adverse low-interest rate environment and higher costs of regulatory compliance, forcing it to lower commissions on some high-fee investment offerings and invest more in technology infrastructure and personnel.

LPL is working with investment bank Goldman Sachs Group Inc on a sale process that has attracted other companies and private equity firms, the people said on Tuesday.

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