Lpl Financial Stock Price, News & Analysis

LPL Financial Holdings Inc. (Nasdaq: LPLA) has successfully completed its acquisition of Waddell & Reed's wealth management business for approximately $300 million. Over 900 Waddell & Reed advisors are set to join LPL's platform, managing about 95% of Waddell & Reed's $71 billion in client assets as of March 31, 2021. LPL's CEO Dan Arnold expressed optimism about the cultural fit and the support LPL can offer these advisors. The onboarding of new advisors is expected over the next few months, enhancing LPL's capabilities and market presence.

LPL Financial Holdings reported Q1 2021 results with net income of $130 million, or $1.59 per share, a decrease from $156 million or $1.92 per share in Q1 2020. Gross Profit stood at $579 million, with EBITDA at $268 million. Advisory assets surged by 54% year-over-year to $497 billion, with total advisory and brokerage assets up 43% to $958 billion. The company onboarded BMO Harris Financial Advisors, increasing estimated run-rate EBITDA to $80 million. Corporate cash was reported at $340 million, with dividends paid totaling $20 million.

LPL Financial (Nasdaq:LPLA) announced the launch of Seapoint Wealth Advisors by Chad Taylor, a new independent practice. Taylor, who joins from UBS Financial Services, has approximately $215 million in assets under management. The new firm aims to provide high-quality, personalized financial services to high-net-worth families and small businesses. With LPL's Strategic Wealth Services (SWS) model, Seapoint will benefit from extensive support in operations, marketing, and technology, allowing Taylor to focus on client relationships and customized advice.

LPL Financial (Nasdaq: LPLA) welcomes financial advisor Dennis P. Durocher to its employee advisor model, Linsco by LPL Financial. Durocher brings nearly $90 million in advisory, brokerage, and retirement plan assets, transitioning from Wells Fargo Advisors. With over three decades of experience, he seeks greater control and flexibility in client relationships while working remotely from Wisconsin. LPL's model offers him stability, brand autonomy, and innovative technology solutions, enhancing client connectivity.

LPL Financial (Nasdaq:LPLA) announced the addition of financial advisor Evan Lereah, who has over $400 million in advisory, brokerage, and retirement plan assets. Lereah joins from Wells Fargo Advisors Financial Network and leads Lereah Financial Group in New Jersey, serving clients for over 40 years. Following a thorough evaluation, he chose LPL for its innovative resources and efficiency, stating he looks forward to a fruitful partnership. LPL aims to support advisors with integrated solutions for client management.

LPL Financial (Nasdaq:LPLA) announced that Walnut Beech Advisors has joined its platforms, adding approximately $550 million in advisory and brokerage assets. Led by Tim Maurer and Rick Betancourt, the team aims to enhance client services through co-branding and collaboration with tax professionals. The move aligns with LPL's focus on innovation and technology, which Betancourt emphasized will benefit their client access and account management. This partnership will also strengthen business continuity and succession planning for Walnut Beech Advisors.

LPL Financial (Nasdaq: LPLA) announced the addition of financial advisor Kip Adams and his team, who manage approximately $800 million in assets, to its platforms. The team, previously with Kestra Financial, focuses on retirement planning and comprehensive wealth management. Adams expressed satisfaction with LPL's resources and technology, which enhance their business operations. Scott Posner from LPL emphasized their commitment to supporting advisors like Adams, thereby aiming to create value through innovative technology and business resources.

LPL Financial (Nasdaq: LPLA) has welcomed four financial advisors who launched a new independent practice, NorthEnd Private Wealth, in Greenville, S.C. The team, with approximately $650 million in advisory assets, transitioned from Merrill Lynch to leverage LPL's Strategic Wealth Services model, which offers personalized support for operational management. Their goal is to create a culture that prioritizes client interests and aims for organic growth. LPL also expressed commitment to supporting the NorthEnd team in their journey toward independence.