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 Holdings Inc. (Nasdaq: LPLA) has announced it will release its third quarter 2024 financial results after market close on Wednesday, October 30. The company will host a conference call to discuss the results at 5 p.m. ET on the same day. Investors can access the call and replay at investor.lpl.com/events.
LPL Financial is a leader in its markets, serving over 23,000 financial advisors, including those at approximately 1,000 institutions and 580 registered investment advisor (RIA) firms nationwide. The company emphasizes its commitment to the advisor-mediated model and providing Americans with access to personalized financial guidance.
LPL Financial (Nasdaq:LPLA) announced that Morristown Wealth Management, led by financial advisors Don Giovanello, Jr., and Gian Paolella, CFP®, has joined LPL's broker-dealer, RIA, and custodial platforms. The team, which reported approximately $340 million in advisory and retirement plan assets, transitioned from Raymond James Financial Services.
Established in 2009, Morristown Wealth Management offers personalized financial planning, asset management, and portfolio construction services. The team chose to return to LPL, citing the platform's support for future growth, open architecture, robust technology, and strategic business resources. LPL's commitment to advisor independence and flexibility aligns with Morristown Wealth Management's goal of delivering comprehensive, client-focused advice.
LPL Financial announced that The Noble Group has joined its broker-dealer, RIA, and custodial platforms. The Noble Group, founded in 1996, reported serving approximately $2.1 billion in assets and transitioned from Raymond James. Based in Sugar Land, Texas, with a registered office in Dallas, the firm offers corporate retirement plan consulting, financial planning, and investment management services.
Joey Rose, AIF®, now serves as president and CEO, as founder Tom Noble steps away from daily operations. The move to LPL aims to provide The Noble Group with increased independence, access to advanced digital capabilities, and a platform for continued growth. LPL's flexible model allows the firm to select tailored financial planning software and resources for their clients.
LPL Financial Holdings Inc. (Nasdaq: LPLA) has announced the immediate termination of President and CEO Dan H. Arnold for violating the company's commitment to a respectful workplace. The Board of Directors made this decision based on an investigation by an outside law firm, which found Arnold made statements to employees that violated LPL's Code of Conduct.
Rich Steinmeier, currently the company's Managing Director and Chief Growth Officer, has been appointed as Interim CEO. Steinmeier, 50, has been with LPL Financial since 2018, leading teams responsible for corporate strategy, advisor recruitment, and marketing. The Board expressed confidence in Steinmeier and LPL's management team to ensure a smooth transition.
LPL Financial, one of the industry's largest wealth management firms, emphasized its commitment to maintaining focus on client success and creating long-term value for clients, employees, and shareholders.
LPL Financial Holdings Inc. (NASDAQ: LPLA) has announced the completion of its acquisition of Atria Wealth Solutions, Inc., a wealth management solutions holding company. This strategic move brings approximately 2,400 Atria advisors and nearly 150 banks and credit unions under LPL's umbrella, enhancing their capabilities with advanced technology and services.
Rich Steinmeier, LPL's managing director and chief growth officer, emphasized the alignment of Atria's mission with LPL's focus on prioritizing the advisor experience. Doug Ketterer, Atria's CEO, highlighted the significant value this merger brings to all stakeholders. LPL expects to meet or exceed its retention target of 80%. Atria will operate as a fully owned portfolio company, with the onboarding of Atria advisors expected to be complete in mid-2025.
LPL Financial has announced the appointment of Cheri Belski as executive vice president and head of investment management solutions. With over 25 years of experience, Belski will lead key investment efforts, including LPL Research, Investment Products and Advisory Platforms, and LPL's Retirement Partners business. She will play a important role in driving strategic objectives and empowering LPL's 23,000+ advisors and approximately 1,000 institutions.
At Focus 2024, LPL highlighted new products under Belski's purview, including:
- Eight of the top ten ETF providers at no transaction charge
- 200 new SMAs for the Model Wealth Portfolios (MWP) platform
- 12 new alternative strategies, with plans to add 50 more by the end of 2025
These initiatives aim to meet the expanding needs of American investors and provide advisors with more sophisticated and customizable options.
LPL Financial has announced that financial advisors Jeff Minucci, CFP®, and David Ryzman, CFP®, have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported serving approximately $150 million in advisory, brokerage and retirement plan assets and have transitioned from Osaic. With over 20 years of collaboration, Minucci and Ryzman have launched GreenPoint Wealth Management in McKinney, Texas.
The advisors specialize in developing innovative strategies for retirement planning and financial education. They chose LPL for its strong reputation, streamlined processes, and support for continued growth. LPL Financial, a leader in wealth management, serves more than 23,000 financial advisors, including those at approximately 1,000 institutions and 580 registered investment advisor firms nationwide.
Zinnia, a leading life & annuity insurance technology services company, has announced a strategic relationship with LPL Financial, the largest broker-dealer in the U.S. This partnership will provide LPL's network of over 23,000 financial advisors with a simplified way to manage life insurance for their clients through the Policygenius Pro by Zinnia platform.
The turnkey insurance platform offers access to a wide variety of insurers, coverage types, and policy options, helping to accelerate life insurance sales and streamline the application process. LPL advisors will benefit from unique quoting tools, built-in referral processes, and support from expert licensed insurance agents, significantly reducing time spent on applications and placement times.
This collaboration aims to simplify insurance fulfillment for advisors, aligning with Zinnia's vision to transform how advisors handle life insurance for their clients, while supporting LPL's goal of helping financial professionals build competitive businesses and serve their clients' best interests.
LPL Financial has announced that financial advisors Ken Hutkin and Ron Winkler have joined their employee advisor channel, Linsco by LPL Financial, to launch 57th Street Wealth Advisors. The team, previously with Wedbush Securities, reported serving approximately $400 million in advisory, brokerage and retirement plan assets. They will operate the first Linsco office in New York City.
Hutkin and Winkler bring over 30 and 40 years of experience respectively, specializing in serving professionals, business owners, and entrepreneurs. Their team includes licensed Client Services Associate Margarita Santiago and wealth associates Nathan Wild and Noah Hutkin.
The move to Linsco allows 57th Street Wealth Advisors greater autonomy while leveraging LPL's integrated wealth management platform and business resources. LPL Financial serves over 23,000 financial advisors and is committed to supporting advisor independence and personalized client guidance.
LPL Financial released its monthly activity report for August 2024. Total advisory and brokerage assets reached $1.56 trillion, a 2.0% increase from July. Total net new assets were $6.8 billion, including $0.3 billion from acquisitions. Organic net new assets were $6.6 billion, a 5.2% annualized growth rate. Excluding $3.8 billion in off-boarded assets, organic growth was 8.1%. Total client cash balances decreased to $43.3 billion. Net buying in August was $12.6 billion. The S&P 500 Index ended at 5,648, up 2.3% from July, while the Russell 2000 Index decreased 1.6% to 2,218.
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