Welcome to our dedicated page for LPL Financial Holdings news (Ticker: LPLA), a resource for investors and traders seeking the latest updates and insights on LPL Financial Holdings stock.
LPL Financial Holdings Inc. (Nasdaq: LPLA) is a premier player in the retail financial advice market, renowned for its independent broker-dealer services. Founded on the principle that the firm should serve advisors and institutions, LPL has built a robust platform that includes proprietary technology, comprehensive clearing and compliance services, practice management programs, and independent research. The company supports over 22,000 financial advisors and nearly 1,100 enterprises across the United States, including approximately 570 registered investment advisor (RIA) firms.
As of 2023, LPL's advisors manage over $1.3 trillion of client assets, reflecting the firm's substantial influence in the financial advisory domain. The company offers a wide range of services designed to help financial advisors and institutions thrive in their respective markets. These include brokerage and investment advisory services, retirement plan advisory, and customized financial planning.
LPL Financial is also committed to technological innovation. The company's proprietary tech solutions are crafted to enhance operational efficiency and client service quality. Recent achievements include the onboarding of the wealth management business of Crown Capital Securities, a full-service broker-dealer and RIA headquartered in Orange County, California. This acquisition is expected to bring approximately $5 billion of assets under LPL's management, further expanding its market reach.
LPL Financial consistently ranks as a leader in the independent broker-dealer sector. The firm has been recognized by Financial Planning Magazine as the largest independent broker-dealer based on total revenues from 1996 to 2015. Moreover, the company is one of the fastest-growing RIA custodians, underscoring its pivotal role in the financial services industry.
LPL's financial condition remains strong, with significant increases in advisory and brokerage assets. As of February 2024, the company reported $1.40 trillion in total assets, marking a 3.0% increase from the previous month. This growth is complemented by a 6.0% annualized growth rate in total net new assets for February, showcasing the firm's continued expansion and market penetration.
The company is also dedicated to supporting the growth and success of its advisors. LPL's extensive range of practice management programs and comprehensive training ensure that advisors are well-equipped to meet their clients' financial goals. Solutions such as the Liquidity & Succession platform and the integration of technology and business solutions help advisors streamline their operations and deliver superior client experiences.
LPL Financial maintains a strong commitment to its core values of independence and client-centric service. By providing advisors with the freedom to choose their business models, services, and technology resources, LPL ensures that they have the flexibility to run their practices on their terms. This client-first approach has solidified LPL's reputation as a trusted partner for financial advisors and institutions nationwide.
In summary, LPL Financial Holdings Inc. stands out for its comprehensive suite of services, technological innovation, and unwavering commitment to supporting the success of financial advisors and institutions. With its strong financial performance and strategic acquisitions, LPL continues to be a leader in the independent broker-dealer and RIA custodian markets.
LPL Financial announced that Strata Financial Group, a team managing over $350 million in assets, has joined LPL's broker-dealer, RIA and custodial platforms from Osaic. The Ohio-based firm, founded in 1998, operates in Sheffield Village and Dublin, serving clients nationwide. The team includes financial advisors Tony Campagni, Ronald Jurczynski, Mitchell Romeo, Kyle Hancharick, and Dominic Elmo. The group chose LPL for its transparency, robust public presence, and enhanced resources to better serve their clients through comprehensive financial services, tax strategies, and investment planning.
Prudential Financial and LPL Financial have completed their strategic integration, announced in August 2023. The partnership transitions Prudential's retail broker-dealer and investment advisory services to LPL Enterprise. LPL now supports over 2,800 Prudential Advisors financial advisors serving 3.5 million American families. LPL has invested more than $300 million in platform technology and integration. Approximately $25 billion in assets have been onboarded to the LPL platform, with the remaining $35 billion expected to transfer in the coming months.
LPL Financial announced that Prosperity Investment Management has joined LPL's broker-dealer, RIA and custodial platforms, bringing approximately $140 million in advisory, brokerage and retirement plan assets from Osaic. The Chico, California-based firm, founded by Robert Anderson and now led by his son RJ Anderson, offers investment management, financial planning, retirement planning, and estate planning services. The team chose LPL for its technology, scale, and service commitment, with Rob Anderson returning to LPL where he previously worked from 1990 to 2004.
LPL Financial hosted its annual conference for bank and credit union program managers, attracting over 150 clients from its Institution Services business. The event highlighted a 19% year-over-year increase in client assets from the institutions channel as of Q3. The conference featured sessions on digital transformation, client engagement strategies, and sustainable investing insights. LPL Financial serves over 23,000 financial advisors, including those at approximately 1,000 institutions and 580 registered investment advisor firms nationwide.
LPL Financial announced that financial advisors Ryan Kirby and Michael Alvarez have joined their platforms from U.S. Bank, bringing approximately $540 million in advisory, brokerage and retirement plan assets. The advisors will align with Seapoint Wealth Advisors under LPL's Strategic Wealth Services, which provides entrepreneurial freedom with operational support. Based in San Diego, they will become managing directors at Seapoint and open a new downtown office, supported by sales associate Leon Aceituno. The move aims to enhance client service through LPL's flexible platform and independent business model.
LPL Financial has launched AI Advisor Solutions, a curated program designed to help financial advisors optimize their time and enhance client services. The initiative introduces four vendor solutions: Jump for AI meeting management, Microsoft 365 Copilot for desktop productivity, FMG Mobile for social media content creation, and FactSet for macro research analysis. This launch addresses a critical industry challenge highlighted by J.D. Power's 2023 study, where nearly one-third of financial advisors report insufficient client time. The program is part of LPL's AI Accelerator initiative, which also includes pilots for AI-powered financial planning insights and streamlined client onboarding.
LPL Financial (Nasdaq: LPLA) announced that Nexus Wealth Partners has joined their broker-dealer, RIA and custodial platforms from Osaic, bringing approximately $410 million in advisory, brokerage and retirement plan assets. The Westlake Village, California-based team is led by managing partners Scott D. Nelson and Kamie Abraham, along with four support staff members. The transition followed an eight-month search and was driven by their need for robust technology, integrated capabilities, and growth opportunities. The team specializes in serving business owners, corporate executives, entertainment industry professionals, and women in life transitions.
LPL Financial (Nasdaq: LPLA) announced that S&G Wealth Partners has joined their broker-dealer, RIA and custodial platforms from Osaic. The Tempe, Arizona-based firm, led by financial advisors Scott Garber and Marcus Seiter, manages approximately $165 million in advisory, brokerage and retirement plan assets. The team, which includes Nicole Kennedy as a future partner, chose LPL for its robust technology, comprehensive resources, and personalized support. Both lead advisors bring over 20 years of industry experience, focusing on wealth management, financial education, and estate planning services.
LPL Financial (Nasdaq: LPLA) announced that financial advisor Michael Bernier has joined their employee advisor channel, Linsco by LPL Financial, to launch GWC Financial Advisors. Bernier, who previously managed approximately $165 million in assets at Canter Wealth, will operate from the Linsco office in San Diego. With over 20 years of experience, he specializes in creating tax-efficient income streams for retirees and pre-retirees. The move to LPL's Linsco platform provides Bernier with greater autonomy while maintaining access to comprehensive services, integrated wealth management platform, and dedicated support team.
LPL Financial reported strong Q3 2024 results with net income of $255 million and diluted EPS of $3.39, up 16% year-over-year. Total advisory and brokerage assets increased 29% to $1.6 trillion, with advisory assets reaching $892 billion. The company achieved $27 billion in total organic net new assets, representing 7% annualized growth. Key acquisitions include Atria Wealth Solutions with estimated run-rate EBITDA of $150 million and The Investment Center serving ~$9 billion in assets. The company plans to resume share repurchases in Q4 2024 with an estimated $100 million allocation.
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