LPL Financial Reports Monthly Activity for November 2025

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) released its November 2025 monthly activity report showing $2.36 trillion in total advisory and brokerage assets, up $12.5 billion (0.5%) month-over-month and 34.3% year-over-year. Total organic net new assets were $6.7 billion in November, a 3.4% annualized growth rate (prior to onboarding/off-boarding impacts: $6.8 billion, 3.5% annualized).

Client cash balances totaled $54.6 billion, down $0.3 billion M/M; money market sweep balances fell by 41.5% M/M after conversions. Net buying for November was $12.9 billion.

Positive

• Total assets of $2.36 trillion (+34.3% YoY)
• Advisory assets $1,385.9B (+42.3% YoY)
• Total organic net new assets $6.7B in November
• Net buying of $12.9B in November

Negative

• Total client cash balances down $0.3B M/M to $54.6B
• Money market sweep balances declined 41.5% M/M after conversions
• Off-boarding of $0.3B tied to planned separation of large OSJs

Key Figures

Total advisory & brokerage assets $2.36 trillion End of November 2025; up $12.5B or 0.5% vs October 2025

Total organic net new assets $6.7 billion November 2025; 3.4% annualized growth rate

Organic NNA pre one-offs $6.8 billion November 2025; 3.5% annualized growth rate before onboarding/off-boarding

Client cash balances $54.6 billion End of November 2025; down $0.3B vs October 2025

Sweep MMF converted $1.6 billion November 2025 sweep money market funds to purchased money market funds

Net buy activity $12.9 billion Net buying in November 2025

Advisory assets $1,385.9 billion End of November 2025 table figure

Brokerage assets $977.6 billion End of November 2025 table figure

Market Reality Check

$370.70 Last Close

Volume Volume 985,810 vs 20-day average 611,757 (relative volume 1.61) ahead of this update. high

Technical Price $373.43 is trading above the 200-day MA at $352.50 before the release.

Peers on Argus

Several capital markets peers were down pre-release (e.g., FUTU -5.8%, TW -3.12%, SF -1.9%), broadly aligning with LPLA -1.98%, suggesting macro/sector pressure rather than news-specific trading.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	Advisor recruitment	Positive	-1.7%	Forest Lake Wealth Partners joined LPL’s Linsco employee advisor channel.
Dec 09	Research outlook	Positive	+1.7%	Release of 2026 economic and market outlook ‘The Policy Engine’.
Dec 05	Leadership change	Positive	+0.7%	Appointment of Matthew Morningstar as chief legal officer and MD.
Dec 04	Corporate milestone	Positive	+0.7%	15-year IPO anniversary marked with Nasdaq bell-ringing event.
Dec 02	Conference appearance	Positive	+1.6%	CEO presentation at Goldman Sachs Financial Services Conference.

Pattern Detected

Recent corporate/strategic announcements have generally seen modest price moves, with one negative reaction to advisor recruitment news but otherwise small positive responses.

Recent Company History

Over the past few weeks, LPL has highlighted growth in advisors and assets, strategic thought leadership, and corporate milestones. News included advisor additions, a 2026 market outlook, a new chief legal officer, a 15-year IPO anniversary reflection, and a conference appearance. These events cited a growing platform of over 32,000 advisors and about $2.3 trillion in assets, framing today’s November activity metrics as part of an ongoing expansion narrative.

Market Pulse Summary

This announcement highlights steady expansion, with total advisory and brokerage assets at $2.36 trillion and organic net new assets of $6.7 billion in November, implying a 3.4% annualized growth rate. Client cash balances and sweep dynamics also shifted as funds moved into purchased money market vehicles. In context of recent growth- and strategy-focused releases, investors may watch asset growth, cash mix, and net buying trends in upcoming monthly updates.

Key Terms

organic net new assets financial

"Total organic net new assets for November were $6.7 billion..."

Organic net new assets are the amount of money that clients add to or withdraw from an investment firm’s managed funds during a period, measured after removing gains or losses from market performance and excluding money brought in by mergers or purchases. Investors watch this figure because it shows whether a firm is truly growing its client base and fee revenue from its own business — like tracking how much a garden grows on its own rather than counting plants moved in from elsewhere.

sweep money market funds financial

"In November, $1.6 billion of sweep money market funds were converted..."

Sweep money market funds are investment accounts that automatically move a brokerage or bank customer’s idle cash into a low-risk, short-term fund, like parking spare change in a highly liquid account that earns a small return. They matter to investors because they keep cash working between trades or transactions, offering easy access and modest interest while carrying different protections and risks than bank deposits (not FDIC-insured and subject to fund fees and market fluctuations).

purchased money market funds financial

"...were converted to purchased money market funds."

Purchased money market funds are short-term, low-risk investment pools bought to hold cash in high-quality instruments like government bills and commercial paper; think of them as a well-rated savings bucket that aims to preserve principal while earning a small return. They matter to investors because they offer easy access to cash, modest income and low volatility, so flows into or out of these funds can signal changing demand for safety, liquidity needs and short-term yield expectations.

bank sweep financial

"Total Bank Sweep | 50.5 | | 49.2 | | 2.6 | %"

A bank sweep is an automatic arrangement that moves idle cash from an investment or brokerage account into interest-bearing bank accounts or money-market vehicles so the money earns a return instead of sitting unused. Think of it like a smart savings jar that fills itself — it matters to investors because it boosts small, otherwise idle balances, affects how quickly cash is available for trades, and changes the level of protection and risk (for example, FDIC coverage or exposure to market-based funds).

net buy (sell) activity financial

"Net buy (sell) activity | 12.9 | | 14.3 | | n/m"

Net buy (sell) activity is the difference between the amount of shares or value purchased and the amount sold for a stock or group of stocks over a defined period; a positive number shows more buying than selling, and a negative number shows the opposite. Investors watch this like a market thermometer—consistent net buying can signal rising demand and potential price strength, while net selling can indicate weakening interest or pressure on the price.

Fed Funds daily effective rate financial

"Fed Funds daily effective rate (average bps) | 388 | | 408..."

The fed funds daily effective rate is the average interest rate banks actually pay each other to borrow overnight reserves held at the central bank. Think of it as the daily “rental price” for cash in the banking system; when that price moves, it changes borrowing costs for businesses and consumers, influences bond yields and short-term lending, and signals how tight or loose monetary policy is—information investors use to assess interest-rate risk and asset values.

AI-generated analysis. Not financial advice.

SAN DIEGO, Dec. 16, 2025 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today released its monthly activity report for November 2025.

Total advisory and brokerage assets at the end of November were $2.36 trillion, an increase of $12.5 billion, or 0.5%, compared to the end of October 2025.

Total organic net new assets for November were $6.7 billion, translating to a 3.4% annualized growth rate. This included $0.1 billion of assets from First Horizon Bank that onboarded in November, and $0.3 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 $6.8 billion, translating to a 3.5% annualized growth rate.

Total client cash balances at the end of November were $54.6 billion, a decrease of $0.3 billion compared to the end of October 2025. In November, $1.6 billion of sweep money market funds were converted to purchased money market funds. Prior to this impact, client cash balances increased by $1.3 billion. Net buying in November was $12.9 billion.

(End of period $ in billions, unless noted)	November		October		Change		November	Change
	2025		2025		M/M		2024	Y/Y
Advisory and Brokerage Assets
Advisory assets	1,385.9		1,374.4		0.8	%	973.8	42.3	%
Brokerage assets	977.6		976.8		0.1	%	785.6	24.4	%
Total Advisory and Brokerage Assets	2,363.6		2,351.1		0.5	%	1,759.3	34.3	%
Organic Net New Assets
Organic net new advisory assets	8.3		9.2		n/m		27.9	n/m
Organic net new brokerage assets	(1.7	)	(2.0	)	n/m		6.3	n/m
Total Organic Net New Assets	6.7		7.3		n/m		34.2	n/m
Acquired Net New Assets
Acquired net new advisory assets	0.0		0.0		n/m		0.5	n/m
Acquired net new brokerage assets	0.0		0.0		n/m		0.3	n/m
Total Acquired Net New Assets	0.0		0.0		n/m		0.8	n/m
Total Net New Assets
Net new advisory assets	8.3		9.2		n/m		28.4	n/m
Net new brokerage assets	(1.7	)	(2.0	)	n/m		6.6	n/m
Total Net New Assets	6.7		7.3		n/m		35.0	n/m
Net brokerage to advisory conversions	1.8		2.3		n/m		1.7	n/m
Client Cash Balances
Insured cash account sweep	36.9		36.4		1.4	%	34.8	6.0	%
Deposit cash account sweep	13.6		12.8		6.3	%	9.9	37.4	%
Total Bank Sweep	50.5		49.2		2.6	%	44.7	13.0	%
Money market sweep	2.4		4.1		(41.5	%)	4.3	(44.2	%)
Total Client Cash Sweep Held by Third Parties	53.0		53.2		(0.4	%)	49.0	8.2	%
Client cash account	1.6		1.6		—	%	1.5	6.7	%
Total Client Cash Balances	54.6		54.9		(0.5	%)	50.5	8.1	%
Net buy (sell) activity	12.9		14.3		n/m		12.4	n/m
Market Drivers
S&P 500 Index (end of period)	6,849		6,840		0.1	%	6,032	13.5	%
Russell 2000 Index (end of period)	2,500		2,479		0.9	%	2,435	2.7	%
Fed Funds daily effective rate (average bps)	388		408		(4.9	%)	465	(16.6	%)

For additional information regarding these and other Company 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 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.3 trillion in brokerage and advisory assets on behalf of approximately 8 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. Members 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 were LPLA total advisory and brokerage assets at the end of November 2025?

LPLA reported $2.36 trillion in total advisory and brokerage assets at November 30, 2025.

How much organic net new assets did LPLA record in November 2025?

LPLA reported $6.7 billion of total organic net new assets in November 2025.

What did LPLA report for client cash balances and money market sweeps in November 2025?

Total client cash balances were $54.6 billion, and money market sweep balances fell 41.5% M/M after conversions.

How much net buying activity did LPLA report for November 2025?

Net buying in November 2025 was $12.9 billion.

Did LPLA report any onboarding or off-boarding impact in November 2025?

Yes — $0.1 billion from First Horizon onboarding and $0.3 billion off-boarded for planned OSJ separation.

What was LPLA's month-over-month and year-over-year asset growth in November 2025?

Assets rose 0.5% M/M and 34.3% YoY at the end of November 2025.