Lpl Financial Stock Price, News & Analysis

LPL Financial announced the addition of financial advisors John Gallagher and Mark Levin, who have joined LPL's broker-dealer platform with Maverick Partners Wealth Management. The duo, previously with Morgan Stanley, manages around $2 billion in assets. They aim to build a client-focused business emphasizing fiduciary responsibilities. Their collaboration with Gladstone Wealth Partners will enable them to offer a comprehensive financial service package. This transition reflects a growing trend of high-net-worth advisors pursuing independence for enhanced client service.

On November 12, 2020, LPL Financial (LPLA) announced that advisors Jerry Giordano and Joseph Praino have joined their platforms, bringing approximately $350 million in advisory and brokerage assets. The duo is partnering with KM Capital Group to provide clients with personalized wealth management. Praino emphasizes the benefits of independence, allowing him to serve clients without external pressures. Giordano appreciates LPL's extensive resources and product access, aiming to enhance client service. This move signifies LPL's ongoing growth and commitment to providing advisors with the necessary tools for success.

LPL Financial reported its October 2020 activity, with total advisory and brokerage assets at approximately $808 billion, down 0.3% from September. The firm experienced $5.0 billion in total organic net new assets, reflecting a 7.4% annualized growth rate. Notably, advisory assets accounted for $4.8 billion, marking a 14.2% growth rate. Client cash balances rose $1.7 billion to $48.3 billion. The report also included onboarding assets from Lucia Securities, LLC, contributing $1.5 billion to total net new assets.

LPL Financial (LPLA) announced that Trivium Point Advisory, led by George Gerhard and Ron Pac, has joined its broker-dealer and RIA platforms. The team brings approximately $250 million in advisory and brokerage assets, previously from Mass Mutual. Their practice emphasizes a holistic view of client finances, integrating wealth management, business consulting, and tax services. LPL’s support enables Trivium to enhance its service offerings while retaining its unique brand. Rich Steinmeier of LPL noted the potential for deeper client relationships and commitment to supporting Trivium’s growth.

LPL Financial (LPLA) announced that the Investment Services at First Community has joined LPL’s Institution Services, reporting approximately $40 million in advisory and brokerage assets. First Community Credit Union (FCCU), with 44 branches and $3.2 billion in assets, is Missouri's largest credit union. The new partnership aims to enhance financial guidance for FCCU members and facilitate the hiring of additional advisors for improved service. This collaboration will also provide access to modern technology and financial products to better serve the credit union's large membership base.

LPL Financial (LPLA) announced the transition of the Pelliccioni family team to its platforms, bringing approximately $200 million in advisory, retirement plan, and brokerage assets. Lou Pelliccioni and family recently rebranded their practice as Trilith Wealth Management, emphasizing independence and client-focused services. With a significant history in financial advising, the team aims to expand its offerings through a multi-professional approach. INC Advisors supports this transition, focusing on entrepreneurial flexibility and growth in the Florida and West Virginia markets.

LPL Financial has announced the appointment of Ben Welch as executive vice president of Trading, effective immediately. Welch, who previously worked at TD Ameritrade, will focus on enhancing LPL's trading strategies and advisory support. His expertise in financial technology and process optimization is expected to foster a differentiated experience for clients. Welch is a Chartered Financial Analyst and holds multiple FINRA licenses. LPL continues to position itself as a leader in the financial advisory market, serving independent advisors with comprehensive support services.

LPL Financial Holdings reported Q3 2020 results with net income of $104 million, or $1.29 per share, compared to $132 million or $1.57 per share in Q3 2019. Gross profit reached $506 million, and EBITDA was $205 million, representing 41% of gross profit. Total advisory assets increased by 20% to $406 billion. Dividends declared amounted to $20 million. The company signed agreements to onboard BMO Harris Financial Advisors and acquired Blaze Portfolio for approximately $12 million.

LPL Financial has acquired Blaze Portfolio, a fintech firm known for its innovative trading software, with a transaction valued at approximately $12 million. This acquisition aims to enhance LPL's core technology platform, allowing financial advisors to efficiently manage client investments. The deal, finalized on October 26, 2020, also includes a potential contingent payment of $5 million. LPL intends to retain Blaze's team to further develop its services while expanding its wealth management capabilities.