LPL Financial Holdings Inc. - LPLA STOCK NEWS

LPL Financial announced that seasoned advisor Jim Zack and his daughter Amanda Zack have joined LPL's employee advisor channel, Linsco by LPL Financial, to establish The Zack Wealth Group. They previously served approximately $290 million in advisory, brokerage, and retirement plan assets at Morgan Stanley. The Zacks are based in Washington, D.C. Jim Zack, who has been fascinated by the stock market since his youth, emphasized their service-oriented, client-centered approach.

Amanda Zack joined her father's practice eight years ago, and they decided to move to Linsco for more flexibility and independence. Linsco provides advisors with access to LPL's integrated wealth management platform and various business resources, along with support from experienced branch management, marketing consultants, technology consultants, and service teams. Jim Zack noted the ease and freedom of running their practice at LPL, which aligns with their family-focused approach.

LPL's Executive Vice President, Scott Posner, welcomed the Zacks and highlighted LPL's commitment to providing advisors the flexibility and support needed to differentiate themselves and enhance the client experience. LPL Financial serves nearly 23,000 financial advisors and emphasizes the importance of independence and personalized client guidance.

LPL Financial announced that First Summit Capital Management has joined their broker-dealer, RIA, and custodial platforms. First Summit, led by Thomas J. Cooney and Mark Freed, manages approximately $380 million in assets. The move aligns them with Momentum Wealth Partners, an LPL-affiliated firm. Cooney and Freed bring extensive experience in financial services and wealth management. They aim to leverage LPL Financial's capabilities to provide personalized investment strategies and comprehensive financial planning. LPL's open architecture platform and robust business solutions were significant factors in their decision to join.

LPL Financial announced that financial advisor Danielle Qualls has joined their broker-dealer, RIA, and custodial platforms, teaming up with Bergkamp Financial. Qualls, who has managed approximately $160 million in advisory, brokerage, and retirement plan assets, previously worked with Stifel, Nicolaus, and Co. She brings expertise in multigenerational financial strategies and aims to enhance services and collaboration with the Bergkamp team. Bergkamp Financial, led by Amy McKinley and Lori Zern, has been with LPL since 2021 and appreciates LPL's robust research capabilities and open architecture platform. The addition of Qualls is seen as a strategic move to grow and expand their service offerings. LPL Financial serves nearly 23,000 advisors, emphasizing independence and personalized client relationships.

LPL Financial Holdings Inc. (Nasdaq: LPLA) reported its monthly activity for May 2024. Total advisory and brokerage assets reached $1.46 trillion, a 3.6% increase from April 2024. Net new assets for May were $11.2 billion, reflecting a 9.5% annualized growth rate. Net new advisory assets were $9.9 billion, translating to an impressive 15.3% annualized growth rate. However, total client cash balances fell by $1.2 billion to $44.5 billion. Notably, net buying activity hit a record $15 billion for the month. The report also highlighted significant market drivers, including a 4.8% rise in the S&P 500 Index and a 4.9% rise in the Russell 2000 Index.

LPL Financial announced that financial advisor W. Scott Hengerer, CMFC™, CRPC, has joined their platforms to launch James River Private Wealth. Hengerer, previously with Ameriprise, manages approximately $160 million in assets and brings 26 years of wealth management experience. His team includes Martha Kerr, Devin Burton, and Breann Dooley. James River Private Wealth, named after Virginia's James River, emphasizes bespoke, client-focused financial advice. Hengerer praises LPL's commitment to independence and its advanced technology and resources. LPL's EVP, Scott Posner, welcomes the new firm, emphasizing LPL’s support in helping their business thrive.

LPL Financial announced that financial advisor Tom Russell and his sons, Brian and Charles, have joined LPL’s Linsco division to launch Russell Wealth Partners. The team, previously with Merrill Lynch, manages approximately $250 million in assets. They chose LPL for its advanced technology, autonomy, and support, allowing them to focus on personalized client services. LPL’s Executive VP Scott Posner highlighted the firm’s commitment to supporting advisors with comprehensive business solutions and innovative technology.

LPL Financial announced that advisors Stephen Shevlin and Jonathan Joelner have joined its platforms to establish 1818 Wealth Management.

The team, managing approximately $300 million in assets, moves from Stifel, Nicolaus and Co.

Based in Swansea, Ill., the advisors have nearly 50 years of experience and emphasize a client-first approach.

1818 Wealth Management aims to leverage LPL's resources, including marketing and retirement tools, to enhance their practice.

LPL Executive VP Scott Posner highlighted the robust resources and integrated technology available to support the new practice.

LPL Financial has announced that financial advisors Tim Woodall and Dustin Raring have launched Highway One Capital, an independent practice supported by LPL Strategic Wealth Services. The team, which manages approximately $500 million in assets, joins from First Republic and is based in Newport Beach, California.

Woodall and Raring, who have over 55 years of combined industry experience, focus on personalized wealth management for business owners and high-net-worth families. They chose LPL for its entrepreneurial culture and comprehensive support, including integrated technology and strategic business resources.

The new affiliation allows Highway One Capital to leverage LPL's sophisticated wealth management platform and dedicated support teams, enabling them to better serve their clients. LPL's Executive VP, Scott Posner, expressed commitment to supporting the new practice with advanced resources and strategic solutions.

LPL Financial (Nasdaq: LPLA) has announced that financial advisor David Hilbig, CFP®, has joined its broker-dealer, RIA, and custodial platforms. Hilbig, previously with Corebridge Financial, manages approximately $275 million in advisory, brokerage, and retirement assets. With over 20 years of experience, he will now operate under the new name Lifetime Legacy Wealth Solutions. Hilbig emphasizes trust, integrity, and transparency in his client relationships and prioritizes acting as a fiduciary. LPL's resources and technology will help Hilbig enhance his services, focusing on financial education and comprehensive planning.