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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 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.
LPL Financial has welcomed financial advisors Matt Meyers Sr. and Matthew Meyers Jr. from Crossroads Financial Services to its platforms, managing approximately $300 million in assets. The team, which specializes in financial planning for educators in Texas, aims to enhance their services by leveraging LPL's technology and support from The Financial Services Network. Matt Meyers Sr. brings over 35 years of experience, while his son joined the practice in 2012. This partnership is expected to elevate the client experience and facilitate future growth.
LPL Financial announced the addition of Glenn Drake and John Kinzer, both CFPs, along with Operations Manager Rachel Waltjen, to its broker-dealer and RIA platforms. CenterPoint Wealth Advisors, managed by Drake and Kinzer, serves approximately $225 million in assets and aims to enhance client services through LPL's technology and independent advisory model. The team, with over 60 years of combined experience, focuses on affluent families and small business owners, emphasizing proactive financial management.
LPL Financial Holdings Inc. (Nasdaq: LPLA) announced it will release its second quarter financial results on July 30, 2020, post-market close. The Company will hold a conference call at 5 p.m. ET to discuss the results, accessible via phone or webcast on their Investor Relations website. A replay of the call will be available until August 20. LPL Financial is a leading firm in the retail financial advice market, serving independent advisors and institutions with essential services for wealth management and retirement planning.
LPL Financial has announced that Ridgeline Wealth Management has joined its broker-dealer and RIA custodial platforms, bringing approximately $210 million in brokerage and advisory assets.
Founded in 2011, Ridgeline Wealth Management emphasizes a risk-based approach to asset allocation and client communication. The team's transition to LPL aims for improved fee transparency and access to advanced technology. LPL's managing director noted the advantages of size and resources without losing personalized service for advisors, enhancing support for their operations.
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