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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 has successfully closed its acquisition of Lucia Securities, a broker-dealer and registered investment advisor based in San Diego, as of August 18, 2020. Lucia Securities manages over $1.5 billion in client assets, expected to be integrated into LPL's platform by the end of 2020. All 20 advisors from Lucia have committed to join LPL as Lucia Capital Group. The transaction anticipates a multiple of approximately 6x post-synergy EBITDA, enhancing LPL’s market position and operational capabilities.
LPL Financial (LPLA) held its annual conference, Focus 2020, virtually, attracting over 13,000 attendees, including 10,000 financial advisors. The event highlighted the growing demand for financial advice amid the pandemic, with President Dan Arnold emphasizing LPL's commitment to invest over $1 billion annually in resources to support advisors. Key technology enhancements were announced, including Meeting Manager and an upgraded e-Signature tool. Additionally, LPL established a partnership with Slack, improving communication tools for advisors while introducing new business solutions to support advisor growth.
LPL Financial Holdings Inc. (Nasdaq: LPLA) announced the completion of its acquisition of assets from E.K. Riley Investments, LLC, closing on August 18, 2020. E.K. Riley manages over $2 billion in client assets, with approximately 90% of its 35 independent advisors expected to transition to LPL's platform by year-end 2020. The acquisition is structured as an asset purchase, with a post-synergy EBITDA transaction multiple estimated at ~6x. LPL aims to leverage E.K. Riley's expertise and culture to enhance advisor services and client experiences.
LPL Financial (Nasdaq: LPLA) announced that Andy Kalbaugh, managing director and divisional president of National Sales and Consulting, will retire at the end of Q1 2021. Over his 13-year tenure, Kalbaugh contributed significantly to LPL's growth and success. The firm plans to conduct an external search for a new leader, with Kalbaugh aiding in a smooth transition. Dan Arnold, CEO, praised Kalbaugh for his leadership, emphasizing the company's solid standing for future growth.
LPL Financial (Nasdaq: LPLA) reported a 4.0% month-over-month growth in total brokerage and advisory assets, reaching approximately $792 billion at the end of July 2020. The firm saw net new assets inflow of $2.9 billion, which corresponds to a 4.6% annualized growth rate. Notably, advisory assets rose by 4.6% monthly, totaling $392.7 billion. Meanwhile, client cash balances decreased slightly by 0.4% to $45.1 billion.
LPL Financial (Nasdaq: LPLA) announced that Equitrust Financial Group has joined its platforms, bringing approximately $800 million in assets. Founded in 1989, Equitrust operates from Deerfield, Ill., and focuses on financial education and client referrals. The team's diverse qualifications enable them to offer comprehensive financial services, including wealth management and retirement planning. The move to LPL is driven by the firm's desire for self-clearing capabilities and advanced technology to enhance operational efficiency.
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.
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