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 LLC (Nasdaq: LPLA) reported a total of $1.12 trillion in advisory and brokerage assets at the end of July 2022, marking an increase of $59.7 billion (5.6%) from June 2022. The company also recorded net new assets of $4.8 billion, with advisory assets growing by $3.0 billion (6.4% annualized) and brokerage assets by $1.8 billion. However, client cash balances slightly declined to $69.4 billion, down $0.2 billion from June. LPL's net buying activity improved significantly, totaling $4.7 billion.
LPL Financial (Nasdaq: LPLA) announced that Greg Gates, managing director and chief technology & information officer, is a finalist for the 2022 Charlotte CIO of the Year ORBIE Awards. Gates has led initiatives to enhance the company's digital platform and technology infrastructure, serving nearly 21,000 financial professionals and handling $1.1 trillion of assets. The awards, recognizing technology excellence, will be held on August 26, 2022. LPL continues to focus on technological advancements and attracting top talent to support their financial advisors.
LPL Financial (Nasdaq: LPLA) appoints Katelyn Shackleton as the new executive vice president of Corporate Strategy and New Ventures, effective immediately. Shackleton brings over 20 years of experience in wealth and investment management, having previously led Business Management at Wells Fargo. Her role focuses on strategic planning and leveraging innovation to enhance growth and advisor-client relationships at LPL. Rich Steinmeier, Managing Director, expresses confidence in Shackleton’s expertise to advance LPL's business strategies amid a rapidly changing financial landscape.
LPL Financial Holdings reported a net income of $161 million for Q2 2022, with a diluted EPS of $1.97, reflecting a 35% increase year-over-year. Gross profit rose 18% to $711 million. Despite a 4% decline in total advisory and brokerage assets to $1.06 trillion, organic net new assets grew by 13% annualized to $37 billion. The company onboarded CUNA with $25 billion in assets and announced plans to acquire Boenning & Scattergood. A $0.25 dividend will be paid on August 31, 2022.
LPL Financial (Nasdaq: LPLA) announced that financial advisor Eddie Chan has joined its broker-dealer and custodial platforms, affiliating with Perennial Financial Services. Chan manages approximately $110 million in advisory, brokerage, and retirement plan assets, previously serving at Ameriprise Financial. He aims to leverage LPL's tools and resources for personalized client service. Perennial's leadership expressed enthusiasm about Chan's experience, anticipating growth and high-level service for his clientele. LPL continues to support over 20,000 advisors, emphasizing its advisor-centered model.
LPL Financial LLC has appointed Bill Sappington as the new executive vice president of Banking and Lending Solutions. In this role, Sappington will spearhead the development of LPL's banking and lending strategies, reporting directly to Kabir Sethi, the Chief Product Officer. With over 30 years of experience, including leadership positions at City National Bank and BNY Mellon, Sappington aims to enhance client services and innovate product offerings. His appointment is expected to drive growth and add value to LPL's banking initiatives.
LPL Financial LLC announced that financial advisor Ivan Hendricks has joined the firm, bringing $280 million in assets under management (AUM). After 16 years in financial advisory, Hendricks chose LPL for its extensive resources and supportive environment. He aims to provide personalized services through his company, Candor Wealth Partners, which emphasizes honesty and transparency. LPL’s executive vice president Scott Posner noted that they focus on supporting advisors to enhance their business. LPL is a leading firm in the financial advisory sector, serving over 20,000 advisors across the U.S.
LPL Financial (Nasdaq: LPLA) released its "Midyear Outlook 2022" report, outlining investment insights amid economic challenges. Key findings include a forecast of slow economic growth, persistent inflation above the Fed’s target, and strong headwinds for stocks, albeit with potential for improved valuations if inflation decreases. Core bonds show a better value proposition due to rising yields. The report emphasizes navigating challenges effectively to achieve financial success.
LPL Financial (Nasdaq: LPLA) announced a definitive purchase agreement to acquire the Private Client Group business of Boenning & Scattergood, a broker/dealer and RIA with approximately 40 advisors managing around $5 billion in client assets. The acquisition will integrate Boenning & Scattergood into LPL’s employee advisor model while retaining its brand. The deal is expected to close in early 2023, subject to regulatory approval. LPL anticipates a transaction multiple of ~5x post-synergy EBITDA, expanding its operational capabilities and client service.
LPL Financial Holdings Inc. (Nasdaq: LPLA) announced that it will report its second quarter financial results after the market close on August 2. A conference call is scheduled for 5 p.m. ET on the same day to discuss the results. The call will be accessible via the company's investor relations website, and a replay will be available until August 23.
LPL is a prominent firm supporting over 20,000 financial advisors across the U.S., advocating for personalized client relationships.
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