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 has launched the Assurance Plan, designed to protect the business value of independent financial advisors during unplanned exits due to death or permanent disability. This new solution guarantees a minimum purchase price based on recurring revenue multiple and facilitates commission-free sale of the advisor’s business to another qualified LPL advisor. The Assurance Plan addresses a significant gap in the advisory industry, where many advisors lack succession plans, ensuring their clients and families are protected against financial disruption.
LPL Financial announced the addition of financial advisor Lance Pelky, who manages approximately $115 million in assets, to its platforms. Pelky left Voya Financial Advisors to enhance client service through LPL's resources and technology. He emphasized the growing need for innovation in financial services, especially in light of the COVID-19 pandemic. LPL aims to support advisors in navigating rapid changes in the financial landscape, with a commitment to providing advanced resources and capabilities.
LPL Financial announces the addition of Broadway Graham Wealth Partners and its three advisors, who bring approximately $370 million in brokerage and advisory assets. The team, led by Shane Adkins, Zach Bromley, and Jay Cole, has joined LPL's broker-dealer and hybrid RIA platforms for more independence and control over their business. The advisors are committed to providing a client-first culture and leveraging innovative technology to enhance client experiences. This move aligns them with the rapidly growing Private Advisor Group, enhancing their operational capabilities.
LPL Financial announced that 10 of its program managers have been named on the 2020 Top 30 Program Managers list by Bank Investment Consultant (BIC). This recognition is based on criteria such as advisor oversight, team assets under management, and production growth. Notable managers include Karen Benedict, John Beard, and Rebecca Robinson. LPL Financial continues to support these leaders in providing comprehensive investment services across more than 800 financial institutions nationwide.
LPL Financial has welcomed Invex Financial, led by Susan Lawrence, which brings approximately $120 million in brokerage and advisory assets to LPL's platforms. This move allows Invex Financial greater independence, enabling them to provide more tailored wealth management services to high-net-worth clients. Lawrence expressed that the affiliation offers opportunities for business development and enhanced collaboration with other independent advisors. LPL Financial continues to support its advisors with robust wealth management tools and resources.
LPL Financial LLC has announced the acquisition of E.K. Riley Investments, an independent broker-dealer and RIA with approximately 35 financial advisors and $2 billion in client assets. The asset purchase, expected to close in the second half of 2020, has an estimated transaction multiple of 6x post-synergy EBITDA. LPL aims to leverage its technology and resources to bolster E.K. Riley's advisors' capabilities, enhancing client service. Both firms highlighted cultural alignment as a key reason for the partnership.
On May 26, 2020, LPL Financial welcomed father-son advisors Bruce and Duncan Kelm to its platform, launching ArrowPoint Wealth Management in Santa Rosa, California. The Kelms bring approximately $135 million in brokerage and advisory assets, transitioning from Morgan Stanley. Bruce, a former entrepreneur, and Duncan, a former USA Sevens Rugby team member, aim to offer objective financial advice. Their move reinforces LPL's commitment to providing independent advisors with innovative resources and support to grow their practices sustainably.
LPL Financial LLC announced the successful onboarding of Landmark Bank's investment program to its Institution Services platform, following Simmons Investment Services' acquisition of Landmark Investments. This transition brings approximately $1.5 billion in brokerage and advisory assets and expands Simmons' client base to over 8,000. The onboarding, achieved during the COVID-19 pandemic, highlights LPL's innovative support system. LPL aims to provide tailored services to financial institutions, enhancing their operational efficiency and client value.
LPL Financial has reported significant growth in its April 2020 activity report, showing total brokerage and advisory assets of $718.0 billion, a 7.2% increase since March 2020. The firm saw net new assets inflow of $3.4 billion, translating to a 6.1% annualized growth rate, alongside $2.8 billion in new advisory assets at a 10.3% growth rate. However, total client cash balances decreased by $0.8 billion to $47.0 billion. The net buying activity for the month was $4.1 billion.
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