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 the addition of financial advisor Garrett Oczachowski, bringing $280 million in assets from JPMorgan Chase. Oczachowski specializes in retirement income planning, investment management, and estate planning, launching Noble Traditions Wealth at LPL. His move signifies a shift towards autonomy and client-centric practices, leveraging LPL's technology and flexibility.
LPL Financial welcomed advisor Chris Kitaeff, CPFA, MBA, who joined Maher Wealth Management, bringing $385 million in assets from Merrill Lynch. Kitaeff aims to provide clients with financial freedom and personalized service on an independent platform. Maher Wealth Management, supported by LPL Strategic Wealth Services, focuses on delivering premium client experiences with an open architecture approach to wealth planning.
LPL Financial has successfully completed the acquisition of Crown Capital Securities, a wealth management business, enhancing its advisor-first focus and expanding its specialized services. Approximately $1.3 billion of assets have been onboarded, with $3.7 billion more expected in the coming months.
LPL Financial announced the launch of Thimble Island Private Wealth by experienced advisors with $830 million in assets. The team joined LPL for better resources and support. They rebranded to focus on client relationships and value, choosing LPL's Strategic Wealth Services program for entrepreneurship with business support. LPL provides access to wealth management tools, simplifies pricing, offers technology resources, and ongoing operational support. The team is committed to personalized financial planning and serving clients through comprehensive services.
LPL Financial announced the launch of Burlwood Wealth by financial advisor Matt Sheffield, bringing $275 million in assets. Sheffield focuses on a comprehensive approach to investment management, leveraging LPL Strategic Wealth Services for operational and strategic support. The platform offers dedicated teams and resources for advisors to thrive independently.
LPL Financial welcomes financial advisors Mitchell and Wesley McCann to its platforms, launching Guardian Partners Wealth Management. With $240 million in assets, the father-son team focuses on retirement planning and a holistic wealth management approach. The move from Ameriprise to LPL signifies a desire for autonomy and elevated client experiences.
LPL Financial welcomed financial advisors Timothy J. Heisterkamp, CFP®, and Max Neese, CFP® who joined LPL from Cambridge, bringing approximately $200 million in assets. They offer a broad range of financial services and chose LPL for its technology and service capabilities. LPL is committed to supporting advisors like Tim and Max for long-term success.
LPL Financial reported a net income of $289 million with diluted EPS of $3.83, down 10% from the previous year. The company's adjusted EPS decreased by 6%, while gross profit increased by 5%. Total advisory and brokerage assets rose by 23% to $1.44 trillion, with advisory assets increasing by 28%. LPL made significant acquisitions, including Atria Wealth Solutions, Wintrust Financial , and Crown Capital Securities, aiming to enhance its wealth management business. The company declared a dividend of $0.30 per share and remains focused on serving its advisors and creating long-term shareholder value.
LPL Financial announced that Strategic Wealth Partners joined LPL Financial’s platforms, bringing $860 million in assets. The team offers financial planning and investment analysis, with a focus on personalized service. They chose LPL for its tools, technology, and support. Strategic Wealth Partners is expanding its team and giving back to the community. LPL, a leader in financial markets, provides resources for advisors and institutions to run thriving businesses independently.
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