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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 (Nasdaq:LPLA) announced that Rosemont Financial Group has joined its platforms, bringing approximately $900 million in advisory, brokerage, and retirement plan assets. Founded in 2010, the Albany, N.Y.-based firm, led by President Steven Novotny, includes 11 advisors offering comprehensive wealth management and financial planning services. The move was prompted by a need for enhanced technology during Covid-19, with LPL's self-clearing capabilities and integrated platform being key factors for the transition. Rich Steinmeier of LPL welcomes the new team, emphasizing the importance of technology and resources in today's advisory landscape.
LPL Financial has announced an agreement to acquire Waddell & Reed's wealth management business from Macquarie for $300 million, pending regulatory and shareholder approvals. Waddell & Reed, which has been providing investment management services since 1937, has approximately $63 billion in assets under administration as of September 30, 2020. This acquisition aims to enhance LPL's strategic capabilities and deepen its partnership with Macquarie. LPL anticipates that this move will unlock growth opportunities for both advisors and clients.
LPL Financial (Nasdaq: LPLA) announced that Nautica Wealth Advisors has rejoined its broker-dealer and corporate RIA platforms, bringing approximately $250 million in advisory and brokerage assets. Led by advisors Mike Lerner, Steve Lerner, and Jayne Byrne, the San Diego-based practice aims to enhance client services by leveraging LPL’s custodial capabilities. The team praised the improved LPL culture and technology, especially during the pandemic, and expressed confidence in the partnership's potential for growth and efficiency.
LPL Financial (Nasdaq:LPLA) announced that Verus Capital Partners, with around 30 financial advisors and approximately $1 billion in advisory and brokerage assets, has joined its broker-dealer and corporate RIA platforms. The partnership aims to enhance service offerings and expand national reach. Founder Stephen Bull emphasized LPL's differentiated support and innovative technology as key factors for their growth strategy. Rich Steinmeier from LPL expressed enthusiasm for the collaboration, highlighting the commitment to providing advisors with essential resources for success in their practices.
LPL Financial announces the launch of Adara Wealth Management by financial advisors George Chardukian, Adam Goldstein, and Maria Peralta. The new independent practice, operating through LPL Strategic Wealth Services, manages approximately $380 million in assets. The advisors emphasize a client-first approach, with enhanced technology and services to improve client experience. LPL supports Adara with resources for smooth transition and ongoing operations, focusing on long-term business management.
LPL Financial announced the addition of financial advisors John Gallagher and Mark Levin, who have joined LPL's broker-dealer platform with Maverick Partners Wealth Management. The duo, previously with Morgan Stanley, manages around $2 billion in assets. They aim to build a client-focused business emphasizing fiduciary responsibilities. Their collaboration with Gladstone Wealth Partners will enable them to offer a comprehensive financial service package. This transition reflects a growing trend of high-net-worth advisors pursuing independence for enhanced client service.
On November 12, 2020, LPL Financial (LPLA) announced that advisors Jerry Giordano and Joseph Praino have joined their platforms, bringing approximately $350 million in advisory and brokerage assets. The duo is partnering with KM Capital Group to provide clients with personalized wealth management. Praino emphasizes the benefits of independence, allowing him to serve clients without external pressures. Giordano appreciates LPL's extensive resources and product access, aiming to enhance client service. This move signifies LPL's ongoing growth and commitment to providing advisors with the necessary tools for success.
LPL Financial reported its October 2020 activity, with total advisory and brokerage assets at approximately $808 billion, down 0.3% from September. The firm experienced $5.0 billion in total organic net new assets, reflecting a 7.4% annualized growth rate. Notably, advisory assets accounted for $4.8 billion, marking a 14.2% growth rate. Client cash balances rose $1.7 billion to $48.3 billion. The report also included onboarding assets from Lucia Securities, LLC, contributing $1.5 billion to total net new assets.
LPL Financial (LPLA) announced that Trivium Point Advisory, led by George Gerhard and Ron Pac, has joined its broker-dealer and RIA platforms. The team brings approximately $250 million in advisory and brokerage assets, previously from Mass Mutual. Their practice emphasizes a holistic view of client finances, integrating wealth management, business consulting, and tax services. LPL’s support enables Trivium to enhance its service offerings while retaining its unique brand. Rich Steinmeier of LPL noted the potential for deeper client relationships and commitment to supporting Trivium’s growth.
LPL Financial (LPLA) announced that the Investment Services at First Community has joined LPL’s Institution Services, reporting approximately $40 million in advisory and brokerage assets. First Community Credit Union (FCCU), with 44 branches and $3.2 billion in assets, is Missouri's largest credit union. The new partnership aims to enhance financial guidance for FCCU members and facilitate the hiring of additional advisors for improved service. This collaboration will also provide access to modern technology and financial products to better serve the credit union's large membership base.
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