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 (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.
LPL Financial (LPLA) announced that Goodwin Petrilli Financial has joined LPL's broker-dealer, RIA and custodial platforms, bringing approximately $205 million in advisory, brokerage and retirement plan assets from Cambridge Investment Research. The Fort Collins, Colorado-based firm, founded in 1992, specializes in financial planning and investment management services, with a strong focus on serving educators in northern Colorado. The team chose LPL for its advanced technology platform, particularly highlighting the integrated ClientWorks system for enhanced client service delivery.
LPL Financial (NASDAQ: LPLA) announced that Dougherty, Tedesco & Associates has joined their broker-dealer, RIA and custodial platforms from Osaic. The firm, which serves approximately $800 million in advisory, brokerage and retirement plan assets, was founded in the early 1980s and is now led by Andrew Tedesco and John Dougherty III. The team specializes in serving corporate executives, engineers, and medical practitioners, offering comprehensive wealth advisory services including financial planning, investment management, retirement planning, and estate planning.
LPL Financial announced that William "Bill" Fenwick of Fenwick Financial has joined LPL Financial's broker-dealer, RIA and custodial platforms. Fenwick, a retired U.S. Marine Corps officer with 38 years of experience in financial services, reported serving approximately $210 million in advisory, brokerage and retirement plan assets. He joins LPL from First Kentucky Securities.
Fenwick's decision to join LPL was driven by his commitment to the fiduciary standard and LPL's resources to support advisors. His son, William "Trey" Fenwick, III, plans to join the practice in the coming months, ensuring continuity for clients. Scott Posner, LPL Executive Vice President, Business Development, welcomed Fenwick and highlighted LPL's support for advisors' growth and succession plans.
LPL Financial Holdings Inc. (Nasdaq: LPLA) has announced key leadership changes. Rich Steinmeier has been confirmed as Chief Executive Officer and elected to the Board of Directors. Matt Audette has been named President and Chief Financial Officer, expanding his previous role. These appointments are effective immediately.
Steinmeier, who had been interim CEO since October 1, has been recognized for his valuable contributions and trusted relationships with clients and employees. Under his leadership, LPL's organic growth rate has more than doubled since he joined in 2018. The Board expressed confidence that LPL's high performance and commitment to serving clients will continue to build stakeholder value under Steinmeier's leadership as CEO and Audette's expanded role as President.
Both Steinmeier and Audette emphasized their commitment to elevating service to clients, providing rewarding careers for employees, and building on LPL's momentum as one of the fastest-growing companies in wealth management.
LPL Financial announced that a group of eight financial advisors from St. Petersburg, Florida, have joined their broker-dealer, RIA, and custodial platforms. The advisors, Michael Collins, Jim Spicer, Ryan Roy, Gary Hummel, Robert Torris, David Zaccagnino, Steven Laesser, and Mark Wolf, along with registered assistant Logan Wolf, transitioned from Raymond James, bringing approximately $450 million in advisory and brokerage assets.
The move was motivated by a desire to better serve clients and gain more control over their future. LPL's flexible platform and customizable solutions were key factors in their decision. The advisors will now have access to a wide range of innovative capabilities, strategic resources, and an expanded suite of products to enhance client experiences.
Scott Posner, LPL Executive Vice President of Business Development, welcomed the group and emphasized LPL's commitment to providing powerful capabilities, innovative technology, and robust business solutions to support their long-term growth and success.
LPL Financial announced that financial advisor Ashton Medina has joined their broker-dealer and corporate RIA platforms, aligning with GradePoint Financial Group. Medina, based in Miami, Florida, reported serving approximately $155 million in advisory, brokerage and retirement plan assets. He joins LPL from Synovus Securities.
Medina, in his fifth year as an advisor, focuses on providing comprehensive wealth management and financial planning services. He chose LPL and GradePoint for their independence, digital platform, and localized support. Jeff Hughes, President of GradePoint Financial Group, welcomed Medina, praising his expertise in multi-generational wealth and estate planning.
Scott Posner, LPL Executive Vice President of Business Development, emphasized LPL's commitment to supporting advisors with resources and freedom to build their businesses independently.
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