Lpl Financial - LPLA STOCK NEWS

LPL Financial reported strong Q2 results, with diluted EPS rising 15% year-over-year to $1.46 and net income increasing 17% to $119 million. Pre-amortization EPS surged 30% to $1.85, while gross profit rose 23% to $602 million. Total advisory and brokerage assets soared 46% to $1.1 trillion, driven by a $69 billion acquisition from Waddell & Reed. The company also indicated plans to resume share repurchases in Q3 2021, with an estimated $40 million per quarter, and declared a $0.25 per share dividend, reinforcing commitment to shareholder value.

LPL Financial has opened a new Linsco office in Raleigh, N.C., with financial advisors Kyle Smith and Michael Sandlin as anchor tenants. Together, they bring approximately $740 million in advisory, brokerage, and retirement plan assets. The duo, previously with Truist Investment Services, aims to offer comprehensive financial planning services while maintaining client-first fiduciary practices. They emphasize LPL's supportive environment, allowing them to focus on client service. The new office is expected to accommodate additional Linsco advisors in the future.

LPL Financial (Nasdaq: LPLA) has welcomed financial advisors Joe Roddy, Steve Mayer, and Laurie Elfrank from West End Advisory Group, who managed approximately $170 million in assets. This team aims to enhance client services by leveraging LPL's digital capabilities and customizing their technology and business model. LPL's executive vice president, Scott Posner, expressed commitment to supporting the advisors in their growth journey. The partnership reflects LPL's focus on advisor-centered services and the provision of comprehensive wealth management solutions.

LPL Financial announces the launch of PBC Private Wealth, a new independent practice founded by Steven Bailin, Jodie Cohen, and Jeffrey Prince, who joined from Morgan Stanley. The team, managing approximately $700 million in assets, aims to provide customized advice and financial planning services to affluent clients. They highlight LPL's Strategic Wealth Services model as a key factor in their decision, offering tailored support and innovative technology to enhance client service. The advisors are motivated to integrate client values and financial goals into their services, emphasizing independence and personalized support.

LPL Financial has unveiled its new Resilience Plan, designed to support financial advisors during short-term leaves of absence for personal, medical, or family reasons. This service guarantees client management by LPL’s in-house team, ensuring advisors’ practices remain intact while they focus on personal matters. The Resilience Plan allows coverage for up to nine months and includes various scenarios such as parental leave and personal illnesses. This initiative highlights LPL’s commitment to advisor support and business continuity, allowing advisors to maintain strong client relationships during their absence.

LPL Financial (Nasdaq: LPLA) released its "Midyear Outlook 2021," which predicts U.S. GDP growth between 6.25% and 6.75% in 2021. The report indicates a robust economic recovery post-pandemic, with emphasis on sustainable growth driven by private-sector expansion rather than stimulus. Key forecasts include continued S&P 500 earnings growth and an anticipated rise in the 10-year U.S. Treasury yield to 1.75% - 2%. LPL encourages investors to prepare for market challenges while remaining focused on long-term goals.

LPL Financial announced the addition of Alan Kodama and the Pacstar Financial Group, managing approximately $420 million in assets. The team transitioned from Ameriprise Financial to leverage LPL's resources and technology, enhancing client services. Established in 1987, Kodama's practice has grown into a multi-office firm in Hawaii. The decision to join LPL stemmed from extensive due diligence focused on client benefits and service improvement. LPL aims to provide the necessary support to help the Pacstar team build long-term value.

LPL Financial (Nasdaq:LPLA) welcomes financial advisor Joseph F. Myer CFP® to its broker-dealer and RIA platforms. Myer, previously at Merrill Lynch, managed approximately $250 million in assets, joining LPL to set up Veritas Capital Management. He emphasizes a client-centric approach and aims to grow through building a team of advisors. LPL's support allows Myer to operate independently while leveraging its resources. Robert Hudson from Gladstone Wealth Partners highlighted this trend of established advisors moving towards independent models, expecting continued growth in this sector.

LPL Financial (Nasdaq: LPLA) announced the signing of a new law in South Carolina aimed at protecting vulnerable adults from financial exploitation. This legislation, supported by LPL, introduces new tools for financial firms and regulators to identify and prevent abuse, addressing an estimated annual loss of $36.5 billion due to financial exploitation of the elderly in the U.S. The bill follows the North America Securities Administrators Association's Model Act, which has been adopted in 32 jurisdictions, and showcases LPL's commitment to the safety of senior investors.