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 appointment of Shawn Mihal as executive vice president of Institution Services, effective immediately. Mihal, who previously served as president of Waddell & Reed, will focus on expanding services for institutional clients. He takes over from Arthur Osman, who is departing after 24 years. Mihal's extensive background in financial services is expected to enhance LPL’s offerings and support for its over 800 bank and credit union clients. The transition aims for continued growth and improved client service.
LPL Financial Holdings (Nasdaq: LPLA) has made its debut on the Fortune 500 list, ranking No. 466, reflecting impressive growth with record revenue of $5.9 billion in 2020—an increase of nearly 37% over three years. The firm supports over 18,000 advisors and has doubled its advisory and brokerage assets to exceed $1 trillion as of April 2021. CEO Dan Arnold emphasized the company's commitment to advisor independence, which aligns with the preferences of both advisors and investors, enhancing LPL's mission to empower financial advisors to optimally serve their clients.
LPL Financial has welcomed financial advisor Ashley Dusek and the Benchmark Financial Services team to its platforms, transitioning from Avantax Investment Services. The Benchmark team, managing around $150 million in assets, focuses on comprehensive wealth management that emphasizes tax implications. Dusek highlights LPL's technology and services as key factors in improving client interactions. LPL's executive team praised the partnership, emphasizing its commitment to enhancing advisor capabilities and client service.
LPL Financial announced the addition of financial advisors Craig Zaleck and Mark Hogan from Bergen Point Wealth Management, managing approximately $275 million in assets. They have joined LPL's platforms and partnered with INC Advisors for enhanced client services. Citing LPL's technology and financial strength as key factors, Zaleck emphasized the importance of innovative solutions to support client needs. Richard Dragotta from INC Advisors welcomed the advisors, highlighting the necessity for efficient technology in a competitive marketplace. LPL continues to prioritize advisor support and innovative business solutions.
LPL Financial has appointed Alisa Maute as the new Executive Vice President of Advisor Growth Solutions, effective immediately. In this role, she will enhance advisor adoption of LPL's platforms and strategic resources.
With a strong background in leading teams and driving growth, Maute aims to enhance personalized support for advisors. Previously with WisdomTree Asset Management, she has significant experience in the financial sector. Her arrival is expected to bolster LPL's commitment to delivering tailored solutions for financial advisors.
LPL Financial reported impressive growth in April 2021, with total advisory and brokerage assets surpassing $1 trillion, reaching approximately $1.063 trillion, a 10.9% increase from March. The firm saw $73.8 billion in net new assets, driven by an acquisition and organic growth, with advisory assets growing by 13.0% and brokerage assets by 8.4%. Cash balances decreased slightly to $47.7 billion. This performance underscores LPL's strong market position and effective asset acquisition strategies.
LPL Financial has been selected as the custodian for the newly launched Talisman Wealth Advisors by financial advisors Jennifer Kirby and Frank Granizo. Previously part of The Granizo Kirby Group at Merrill Lynch, they manage approximately $150 million in advisory assets. Their independent firm, based in Mountainside, N.J., aims to provide unbiased wealth management services, leveraging LPL's advanced technology and support. LPL's commitment to independent advisors enhances their ability to serve clients effectively, ensuring a focus on client interests free from institutional conflicts.
LPL Financial Holdings (Nasdaq: LPLA) announced the completion of a $400 million offering of senior unsecured notes due in 2031.
The proceeds will be used to repay existing borrowings related to the acquisition of Waddell & Reed Financial’s wealth management business, and cover related fees. The notes will incur a 4.375% interest rate, payable semi-annually, with a maturity date of May 15, 2031. The offering resulted in approximately $18 million in additional annual interest expense for the company.
LPL Financial announced that advisors Gena Barbato, Beth Woodward, and Daniel Kundla have joined from UBS, bringing approximately $215 million in advisory assets. The team aims to enhance client experiences through a holistic approach and expanded service offerings by partnering with LPL and Gladstone Wealth Partners. This collaboration allows them greater independence and flexibility, including improved digital marketing capabilities. Gladstone's CEO noted the significance of this women-led team in Atlanta's wealth management market.
LPL Financial announced that financial advisor Jeffrey Schiffman has joined the firm, affiliated with the new Linsco employee model. Schiffman brings approximately $150 million in advisory, brokerage, and retirement plan assets, transitioning from UBS Financial Services. Based in Palm Beach Gardens, Fla., Schiffman Wealth Planning aims to provide tailored financial strategies. The move allows Schiffman greater business control and access to LPL's technology and marketing resources, enhancing his practice's growth potential.
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