LPL Financial Reports Monthly Activity for April 2025

Rhea-AI Summary

LPL Financial (LPLA) reported its April 2025 activity, showing total advisory and brokerage assets of $1.79 trillion, a 0.4% decrease from March 2025. The company achieved $6.1 billion in total organic net new assets, representing a 4.1% annualized growth rate. This included $0.1 billion from Wintrust onboarding and $0.2 billion off-boarding from misaligned large OSJs. Total client cash balances decreased by $1.3 billion to $51.8 billion. Net buying activity was strong at $10.4 billion. Advisory assets reached $978.6 billion (up 26.2% Y/Y) while brokerage assets were $809.4 billion (up 27.0% Y/Y). The company demonstrated continued growth with net brokerage to advisory conversions of $1.7 billion.

Positive

• Total organic net new assets of $6.1 billion, representing 4.1% annualized growth rate
• Strong year-over-year growth with advisory assets up 26.2% and brokerage assets up 27.0%
• Robust net buying activity of $10.4 billion
• Successful integration of Wintrust assets worth $0.1 billion

Negative

• Total advisory and brokerage assets decreased by $7.0 billion (0.4%) month-over-month
• Client cash balances declined by $1.3 billion to $51.8 billion
• Net new brokerage assets showed outflows of $0.8 billion
• $0.2 billion in assets off-boarded due to misaligned large OSJs

Insights

Financial Services Analyst

LPL Financial reported mixed April 2025 results with $6.1B in new assets (4.1% growth rate) despite $7B decrease in total assets.

LPL Financial's April 2025 performance presents a mixed picture with some concerning signals despite continued growth. Total advisory and brokerage assets decreased by $7.0 billion (0.4%) from March to $1.79 trillion. This decrease occurred despite organic net new assets of $6.1 billion, which translates to a 4.1% annualized growth rate.

Looking at the composition of these flows, there's a notable divergence between advisory and brokerage assets. The company generated $6.9 billion in organic net new advisory assets but experienced $0.8 billion in net outflows from brokerage assets. This pattern indicates a continued shift from commission-based business to fee-based advisory relationships, reinforced by $1.7 billion in net brokerage to advisory conversions.

Client cash balances decreased by $1.3 billion to $51.8 billion, representing a 2.4% month-over-month decline. This reduction in cash, combined with $10.4 billion in net buying activity, suggests clients are deploying capital into investments despite market volatility. The S&P 500 index decreased 0.8% during April, while the Russell 2000 fell 2.4%, explaining some of the market-driven asset decrease.

Year-over-year comparisons remain strong, with total assets up 26.5% compared to April 2024. This growth significantly outpaces market performance (S&P 500 up 10.6%), indicating substantial organic growth and market share gains. However, the deceleration in monthly net new assets from March's $13.1 billion to April's $6.1 billion warrants attention, especially if it continues in subsequent months.

SAN DIEGO, May 22, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for April 2025.

Total advisory and brokerage assets at the end of April were $1.79 trillion, a decrease of $7.0 billion, or 0.4%, compared to the end of March 2025.

Total organic net new assets for April were $6.1 billion, translating to a 4.1% annualized growth rate. This included $0.1 billion of assets from Wintrust Investments, LLC and certain private client business at Great Lakes Advisors, LLC (collectively, “Wintrust”) that onboarded in April, and $0.2 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $6.2 billion, translating to a 4.1% annualized growth rate.

Total client cash balances at the end of April were $51.8 billion, a decrease of $1.3 billion compared to the end of March 2025. Net buying in April was $10.4 billion.

(End of period $ in billions, unless noted)	April	March	Change	April	Change
	2025	2025	M/M	2024	Y/Y
Advisory and Brokerage Assets
Advisory assets	978.6	977.4	0.1%	775.5	26.2%
Brokerage assets	809.4	817.5	(1.0%)	637.5	27.0%
Total Advisory and Brokerage Assets	1,787.9	1,794.9	(0.4%)	1,413.0	26.5%
Organic Net New Assets
Organic net new advisory assets	6.9	12.7	n/m	7.4	n/m
Organic net new brokerage assets	(0.8)	0.5	n/m	(0.4)	n/m
Total Organic Net New Assets	6.1	13.1	n/m	7.0	n/m
Acquired Net New Assets
Acquired net new advisory assets	0.0	1.8	n/m	0.3	n/m
Acquired net new brokerage assets	0.0	5.3	n/m	4.8	n/m
Total Acquired Net New Assets	0.0	7.1	n/m	5.0	n/m
Total Net New Assets
Net new advisory assets	6.9	14.5	n/m	7.6	n/m
Net new brokerage assets	(0.8)	5.8	n/m	4.3	n/m
Total Net New Assets	6.1	20.2	n/m	12.0	n/m
Net brokerage to advisory conversions	1.7	1.9	n/m	1.2	n/m
Client Cash Balances
Insured cash account sweep	35.2	36.1	(2.5%)	32.5	8.3%
Deposit cash account sweep	10.7	10.7	—%	9.1	17.6%
Total Bank Sweep	45.9	46.8	(1.9%)	41.6	10.3%
Money market sweep	4.2	4.3	(2.3%)	2.3	82.6%
Total Client Cash Sweep Held by Third Parties	50.2	51.1	(1.8%)	43.8	14.6%
Client cash account	1.6	1.9	(15.8%)	1.9	(15.8%)
Total Client Cash Balances	51.8	53.1	(2.4%)	45.7	13.3%
Net buy (sell) activity	10.4	13.2	n/m	12.3	n/m
Market Drivers
S&P 500 Index (end of period)	5,569	5,612	(0.8%)	5,036	10.6%
Russell 2000 Index (end of period)	1,964	2,012	(2.4%)	1,974	(0.5%)
Fed Funds daily effective rate (average bps)	433	433	—%	533	(18.8%)

Note: Totals may not foot due to rounding.

For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.

Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”) and LPL Enterprise, LLC (“LPL Enterprise”), both registered investment advisers and broker-dealers. Member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

FAQ

What was LPLA's total assets under management in April 2025?

LPL Financial reported total advisory and brokerage assets of $1.79 trillion at the end of April 2025.

How much organic growth did LPL Financial achieve in April 2025?

LPL Financial achieved $6.1 billion in total organic net new assets, representing a 4.1% annualized growth rate.

What was the year-over-year growth in LPLA's advisory assets for April 2025?

LPL Financial's advisory assets grew by 26.2% year-over-year to $978.6 billion in April 2025.

How did LPLA's client cash balances change in April 2025?

Client cash balances decreased by $1.3 billion to $51.8 billion compared to March 2025.

What was LPL Financial's net buying activity in April 2025?

LPL Financial reported net buying activity of $10.4 billion in April 2025.