LPL Financial closed out a difficult 2016 on Thursday, reporting financial results that show the company still faces stiff headwinds.

Net revenue came in at $4.05 billion, down 5 percent from 2015. For the fourth quarter, net revenue was off 1 percent, to $1 billion from the fourth quarter of 2015.

Diluted earnings per share were up 22 percent, however, to $2.15 for the full year, helped by cost controls and reduced regulatory costs.

Commission revenue—LPL’s biggest revenue line—was off 12 percent for the year to $1.74 billion, and down 9 percent for the fourth quarter, to $423 million.

LPL was hit hard by a drop-off in sales of annuities and alternatives as advisors shifted away from high-commission products toward more advisory accounts, spurred by the pending DOL rule and other regulatory issues.

Total brokerage and advisory assets at LPL reached $509.4 billion, up 7 percent from the end of 2015.

New chief executive Dan Arnold told analysts Thursday that the firm hoped to grow its centrally managed advisory platforms by offering advisors and clients a fee reduction, which began last month.

These corporate platform advisory assets were up 5 percent at year’s end, to $127 billion, from 2015.

Separately, brokerage assets were flat at $297.8 billion.

The firm’s hybrid platform for independent advisors who use LPL to custody both sides of their businesses continues to be a hot growth area.

Hybrid platform advisory assets grew 29 percent, to $84.6 billion. Brokerage assets associated with hybrid RIAs were $64.7 billion, up 22 percent from 2015.

Hybrid advisory assets usually aren’t as profitable since LPL does not share in the advisory fees of the independent RIAs who use the platform. LPL charges fees instead.

Another bright spot is LPL’s insured cash sweep account, with assets growing 9 percent from a year ago to $22.8 billion. With rates on the rise, LPL’s margin on cash balances grew as well, to 73 basis points, up from 50 basis points a year ago.

Notably, the firm gained a net 323 advisors in 2016, a turnaround from the net gain of just 18 reps in 2015, bringing LPL back to its historical trend of about 300 additions per year.

Regardless of what happens with the DOL rule, Arnold said LPL would continue its work on standardizing commissions for annuities and mutual funds, as well as its robo platform rollout.

“We will continue to move forward with the previously announced policy changes,” he said.

The year-end earnings call was the first for Arnold, who replaced former CEO Mark Casady in December.