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 (Nasdaq: LPLA) announced the appointment of Scott Belous as executive vice president, End User Experience, effective August 3. Belous is tasked with enhancing investor experiences through innovative products. He brings over 25 years of experience in digital solutions, previously serving at TD Ameritrade and Citi. His leadership is expected to drive positive changes in LPL’s strategy focused on supporting advisors. Chief Investment Officer Burt White expressed enthusiasm about the impact Belous will have on the firm.
Bialke Financial Partners has joined LPL Financial's broker-dealer and corporate RIA platforms, bringing approximately $150 million in assets under management. The partnership enhances their access to LPL's technology and resources, crucial for supporting clients amid current challenges. They will continue to operate independently while collaborating with the American Bank of the North to expand their services. The team, led by advisors Christopher Bialke and Dan Rabideaux, emphasizes their commitment to clients and financial planning as a path to long-term success.
LPL Financial (Nasdaq: LPLA) announced the onboarding of financial advisors Scott Dudley and David McQuade to its broker-dealer and registered investment advisor platforms. The duo, previously with Northwestern Mutual, brings around $200 million in brokerage and advisory assets. They have launched Stirling Financial Group in a new office in San Diego's Symphony Tower, aiming to enhance client services through improved technology and compliance support. Financial Advocates, their partner, will assist in establishing their independent practice.
LPL Financial (LPLA) announced the onboarding of Cashman Consulting, which manages approximately $670 million in advisory and brokerage assets. Founded in 1998, Cashman Consulting transitioned from third-party record keeping to retirement plan consulting. The firm aims to enhance client strategies by leveraging LPL's resources, including integrated technology and economic insights. Jeff Cashman expressed optimism about improved efficiency and client support through their partnership with LPL. Rich Steinmeier of LPL welcomed the Cashman team, emphasizing their role in facilitating retirement savings and financial planning.
LPL Financial reported a net income of $102 million and EPS of $1.27 for Q2 2020, compared to $146 million and $1.71 in Q2 2019. Total Brokerage and Advisory Assets increased 8% year-over-year to $762 billion, with advisory assets up 15%. The annualized growth rate for net new assets was 7.8%, while client cash balances decreased by 5% to $45.3 billion. LPL announced a strategic partnership with M&T Bank, which aims to onboard around 170 advisors and approximately $20 billion in assets.
LPL Financial announced that Scott Seese, the company's chief information officer, is a finalist for the 2020 Charlotte CIO of the Year ORBIE Award. This award recognizes excellence in technology leadership and innovation. Seese has been with LPL since 2017, managing all technology aspects. Under his leadership, the platform handled trading volumes up to seven times the average during early 2020 market turbulence, achieving a record advisor retention rate of 99% as of Q1 2020. Winners will be announced in a virtual ceremony on Sept. 11.
LPL Financial (Nasdaq: LPLA) announced that several of its affiliated financial advisors have been recognized in Forbes' 2020 list of Next-Gen Advisors. This list highlights advisors under 40, showcasing their contributions to the wealth management sector. The honorees include Justin Gibson, Craig Macomber, Jason Priebe, Matthew Riesenweber, Marc Specht, and Anh Tran. LPL's managing director praised their role in meeting the rising demand for independent financial advice. Selection criteria included service model, experience, and client retention, as compiled by SHOOK Research.
On July 23, 2020, LPL Financial (Nasdaq:LPLA) announced the onboarding of Ed Bell III and Gretchen Collins from Cornerstone Financial Planning. They bring approximately $160 million in brokerage and advisory assets to LPL's platforms. The duo emphasizes client-centric strategies, particularly for high-net-worth retirees. Their move to LPL is driven by the desire for greater transparency, cost-effectiveness, and integrated technology, including DocuSign for ease of documentation. Rich Steinmeier of LPL praised their commitment to client service and the firm’s support for evolving businesses.
LPL Financial announces that two of its affiliated advisors, Susan Kaplan and Laila Pence, have been recognized among the Top 100 Women Financial Advisors by Barron’s. Kaplan ranked No. 7 and Pence ranked No. 16 on the list, highlighting their significant contributions in managing assets and generating revenue. LPL's managing director, Andy Kalbaugh, praised their achievements and emphasized the role of the independent model in empowering women advisors. This recognition underscores LPL Financial's commitment to supporting diverse talent within the financial advisory sector.
LPL Financial has announced the addition of Kris Staples and Trevor Johnson from Staples Financial to its broker-dealer and RIA platforms, managing approximately $150 million in assets. The duo, who transitioned from First Allied Securities, cited LPL's advanced technology and potential fee reductions for clients as key factors in their decision. LPL aims to support them and invest in resources for sustainable growth amidst uncertain market conditions.
FAQ
What is the current stock price of LPL Financial Holdings (LPLA)?
What is the market cap of LPL Financial Holdings (LPLA)?
What services does LPL Financial offer?
How many financial advisors does LPL support?
What is the total value of assets managed by LPL advisors?
What recent acquisitions has LPL Financial made?
What is LPL Financial's commitment to technology?
What are LPL Financial's core values?
How does LPL Financial support the growth of its advisors?
What is the significance of LPL's market position?
How does LPL ensure the success of its advisors?
What are LPL's recent financial performance highlights?
