Lpl Financial Stock Price, News & Analysis

LPL Financial (Nasdaq: LPLA) announced that Equitrust Financial Group has joined its platforms, bringing approximately $800 million in assets. Founded in 1989, Equitrust operates from Deerfield, Ill., and focuses on financial education and client referrals. The team's diverse qualifications enable them to offer comprehensive financial services, including wealth management and retirement planning. The move to LPL is driven by the firm's desire for self-clearing capabilities and advanced technology to enhance operational efficiency.

LPL Financial (Nasdaq: LPLA) announced the appointment of Scott Belous as executive vice president, End User Experience, effective August 3. Belous is tasked with enhancing investor experiences through innovative products. He brings over 25 years of experience in digital solutions, previously serving at TD Ameritrade and Citi. His leadership is expected to drive positive changes in LPL’s strategy focused on supporting advisors. Chief Investment Officer Burt White expressed enthusiasm about the impact Belous will have on the firm.

Bialke Financial Partners has joined LPL Financial's broker-dealer and corporate RIA platforms, bringing approximately $150 million in assets under management. The partnership enhances their access to LPL's technology and resources, crucial for supporting clients amid current challenges. They will continue to operate independently while collaborating with the American Bank of the North to expand their services. The team, led by advisors Christopher Bialke and Dan Rabideaux, emphasizes their commitment to clients and financial planning as a path to long-term success.

LPL Financial (Nasdaq: LPLA) announced the onboarding of financial advisors Scott Dudley and David McQuade to its broker-dealer and registered investment advisor platforms. The duo, previously with Northwestern Mutual, brings around $200 million in brokerage and advisory assets. They have launched Stirling Financial Group in a new office in San Diego's Symphony Tower, aiming to enhance client services through improved technology and compliance support. Financial Advocates, their partner, will assist in establishing their independent practice.

LPL Financial (LPLA) announced the onboarding of Cashman Consulting, which manages approximately $670 million in advisory and brokerage assets. Founded in 1998, Cashman Consulting transitioned from third-party record keeping to retirement plan consulting. The firm aims to enhance client strategies by leveraging LPL's resources, including integrated technology and economic insights. Jeff Cashman expressed optimism about improved efficiency and client support through their partnership with LPL. Rich Steinmeier of LPL welcomed the Cashman team, emphasizing their role in facilitating retirement savings and financial planning.

LPL Financial reported a net income of $102 million and EPS of $1.27 for Q2 2020, compared to $146 million and $1.71 in Q2 2019. Total Brokerage and Advisory Assets increased 8% year-over-year to $762 billion, with advisory assets up 15%. The annualized growth rate for net new assets was 7.8%, while client cash balances decreased by 5% to $45.3 billion. LPL announced a strategic partnership with M&T Bank, which aims to onboard around 170 advisors and approximately $20 billion in assets.

LPL Financial announced that Scott Seese, the company's chief information officer, is a finalist for the 2020 Charlotte CIO of the Year ORBIE Award. This award recognizes excellence in technology leadership and innovation. Seese has been with LPL since 2017, managing all technology aspects. Under his leadership, the platform handled trading volumes up to seven times the average during early 2020 market turbulence, achieving a record advisor retention rate of 99% as of Q1 2020. Winners will be announced in a virtual ceremony on Sept. 11.

LPL Financial (Nasdaq: LPLA) announced that several of its affiliated financial advisors have been recognized in Forbes' 2020 list of Next-Gen Advisors. This list highlights advisors under 40, showcasing their contributions to the wealth management sector. The honorees include Justin Gibson, Craig Macomber, Jason Priebe, Matthew Riesenweber, Marc Specht, and Anh Tran. LPL's managing director praised their role in meeting the rising demand for independent financial advice. Selection criteria included service model, experience, and client retention, as compiled by SHOOK Research.

On July 23, 2020, LPL Financial (Nasdaq:LPLA) announced the onboarding of Ed Bell III and Gretchen Collins from Cornerstone Financial Planning. They bring approximately $160 million in brokerage and advisory assets to LPL's platforms. The duo emphasizes client-centric strategies, particularly for high-net-worth retirees. Their move to LPL is driven by the desire for greater transparency, cost-effectiveness, and integrated technology, including DocuSign for ease of documentation. Rich Steinmeier of LPL praised their commitment to client service and the firm’s support for evolving businesses.