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 welcomes Larry Boggs and his team, who have launched Boggs & Company Wealth Management after transitioning from Wells Fargo Advisors. With over 45 years in the industry, Boggs brings a team managing approximately $1.3 billion in assets. The advisory firm will utilize LPL's Strategic Wealth Services, providing comprehensive support for client needs, including financial advice and retirement planning. The move allows for greater independence and flexibility. Boggs emphasizes enhancing client relationships and leveraging technology in a family-oriented practice.
LPL Financial LLC, a subsidiary of LPL Financial Holdings (Nasdaq: LPLA), reported a 1.0% increase in total advisory and brokerage assets for May 2021, totaling approximately $1.074 trillion. The firm saw net new assets of $6.1 billion, reflecting a 7.4% annualized growth rate. This included $0.3 billion from BMO Harris Financial Advisors. Net new advisory assets reached $5.7 billion with a 13.2% growth rate. Client cash balances also increased slightly to $47.8 billion with net buying activity of $5.2 billion.
LPL Financial (Nasdaq:LPLA) has welcomed financial advisors Alicia Curtis, Jyl Barnard, Chris Dearing, and Kari Snyder, who collectively manage approximately $400 million in advisory and brokerage assets, to its platform. They transitioned from Mass Mutual seeking operational independence and client-first service. The advisors emphasize a holistic approach, working closely with clients and professionals like attorneys and accountants. LPL's advanced technology and resources attracted them, promising enhanced client service and support for their independent practices.
LPL Financial (LPLA) announced that Puzzle Wealth Solutions has joined its broker-dealer and RIA platforms. The Puzzle team manages approximately $1.2 billion in advisory and brokerage assets and has established a strong reputation in financial planning since 1988. Transitioning to independence allows them to provide fiduciary advice without internal product constraints. CEO John Klaas emphasized improved transparency and personalized strategies for clients. The firm believes LPL's flexible platform and Gladstone's support will enhance their service offerings and facilitate growth in the Chicago market.
LPL Financial (Nasdaq: LPLA) announces that CUNA Brokerage Services, Inc. (CBSI) will transition its retail brokerage and advisory business to LPL's platform by early 2022. CBSI, part of CUNA Mutual Group, serves approximately $36 billion in brokerage assets across 550 advisors and nearly 300 credit unions. The partnership aims to enhance customer and advisor experiences within the credit union industry, leveraging LPL's technology and support. LPL anticipates growth in service capacity amidst increasing demand for personalized financial advice.
On June 10, 2021, LPL Financial announced that four financial advisors, John Patterson, Steve Owings, Joe Patterson, and McKee Nunnally, have joined their broker-dealer and custodial platforms. The advisors come from Northwestern Mutual, bringing approximately $420 million in assets under management. Aiming to serve executives and ultra-affluent families, they will establish a new office in Atlanta under Bleakley Financial Group. The transition is expected to enhance their ability to offer customized financial solutions and leverage LPL's resources for better client outcomes.
On June 9, 2021, LPL Financial announced the affiliation of advisors Mike Fuller and Rob Barber with Perennial Financial Services, reinforcing its position in the financial advisory sector. They bring approximately $155 million in advisory and brokerage assets from Raymond James to LPL. Fuller highlighted that partnering with LPL will enhance client service through improved technology and reduced compliance workload. Perennial's John Petrick expressed excitement over the team's independent spirit. LPL aims to boost its capacity to meet evolving client needs, promising ongoing support for advisors.
LPL Financial will have CFO Matt Audette presenting at the virtual Morgan Stanley US Financials, Payments & CRE Conference on June 15, 2021. The presentation is set for 2:00 p.m. ET. Investors can listen to a live audio webcast at investor.lpl.com, with a replay accessible two hours post-presentation until July 6. LPL Financial supports over 18,000 financial advisors and aims to provide objective guidance, allowing advisors the freedom to choose their business model and services.
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