Lpl Financial Stock Price, News & Analysis

LPL Financial (LPLA) announced that JTL Wealth Partners has joined its broker-dealer and RIA platform, bringing approximately $250 million in advisory assets from Waddell & Reed Financial. Founded in 1994 by Jimmy Lee, JTL Wealth Partners aims to enhance their business using LPL's integrated ClientWorks platform and M&A support. The partnership will facilitate growth beyond Texas, leveraging LPL's extensive network to align with suitable businesses for acquisition.

LPL Financial announces the launch of River’s Edge Wealth Partners, an independent practice by financial advisor Tony Frigoletto, previously with Wells Fargo Advisors. The new firm will manage around $500 million in assets, focusing on providing tailored financial advice. Frigoletto emphasized the independence offered by LPL’s model, which allows for better client service and operational efficiency. The River’s Edge team aims to support clients' financial goals through comprehensive planning and investment management, backed by LPL’s resources and innovative technology.

LPL Financial announced the addition of financial advisor Forrest Williams Jr. from The Opus Group of Virginia, who brings approximately $150 million in assets under management. With 27 years of experience, Williams specializes in asset management and retirement planning. He cites LPL's technology and support for independence as key reasons for the move. LPL's managing director emphasized the firm’s commitment to enhancing client experience and supporting advisors' growth in a changing market.

LPL Financial (Nasdaq: LPLA) announced the addition of Brian J. Donley and Douglas J. Richey to its broker-dealer platform. The advisors, managing partners at Summit Wealth Advisors in Pittsburgh, bring approximately $140 million in brokerage and advisory assets. They joined from Lincoln Financial Securities, aiming to leverage LPL's resources for enhanced client service. With over 20 years of partnership, they focus on long-term investment strategies for pre-retirees. LPL emphasizes its commitment to supporting advisors with integrated technology and growth solutions.

LPL Financial (Nasdaq:LPLA) has announced that financial advisors Allen Lorenzi, Ira Shapiro, and Michael Walker have formed a new practice named Raintree Wealth Partners. This new venture combines approximately $375 million in brokerage, advisory, and retirement plan assets. The advisors transitioned from Wells Fargo Advisors to utilize LPL and Stratos Wealth Partners' platforms, enhancing their independence and operational capabilities. Lorenzi highlighted the appeal of LPL's technology and services as crucial for their client-focused approach.

LPL Financial has successfully closed its acquisition of Lucia Securities, a broker-dealer and registered investment advisor based in San Diego, as of August 18, 2020. Lucia Securities manages over $1.5 billion in client assets, expected to be integrated into LPL's platform by the end of 2020. All 20 advisors from Lucia have committed to join LPL as Lucia Capital Group. The transaction anticipates a multiple of approximately 6x post-synergy EBITDA, enhancing LPL’s market position and operational capabilities.

LPL Financial (LPLA) held its annual conference, Focus 2020, virtually, attracting over 13,000 attendees, including 10,000 financial advisors. The event highlighted the growing demand for financial advice amid the pandemic, with President Dan Arnold emphasizing LPL's commitment to invest over $1 billion annually in resources to support advisors. Key technology enhancements were announced, including Meeting Manager and an upgraded e-Signature tool. Additionally, LPL established a partnership with Slack, improving communication tools for advisors while introducing new business solutions to support advisor growth.

LPL Financial Holdings Inc. (Nasdaq: LPLA) announced the completion of its acquisition of assets from E.K. Riley Investments, LLC, closing on August 18, 2020. E.K. Riley manages over $2 billion in client assets, with approximately 90% of its 35 independent advisors expected to transition to LPL's platform by year-end 2020. The acquisition is structured as an asset purchase, with a post-synergy EBITDA transaction multiple estimated at ~6x. LPL aims to leverage E.K. Riley's expertise and culture to enhance advisor services and client experiences.

LPL Financial (Nasdaq: LPLA) announced that Andy Kalbaugh, managing director and divisional president of National Sales and Consulting, will retire at the end of Q1 2021. Over his 13-year tenure, Kalbaugh contributed significantly to LPL's growth and success. The firm plans to conduct an external search for a new leader, with Kalbaugh aiding in a smooth transition. Dan Arnold, CEO, praised Kalbaugh for his leadership, emphasizing the company's solid standing for future growth.