LPL Financial Holdings Inc. operates a wealth management platform for financial advisors, broker-dealer representatives, registered investment advisers and financial institutions. News about LPLA centers on advisor and team affiliations, broker-dealer and RIA platform growth, custody and advisory asset trends, and affiliation models such as Linsco and LPL Independent Advisor Network.
Company updates also cover quarterly financial results, organic and recruited asset flows, client cash balances, capital and liquidity measures, dividends, technology and practice-management services, investment solutions, and advisor support programs such as its military deployment practice continuation framework.
LPL Financial (Nasdaq: LPLA) has commenced its annual Focus conference, attracting over 13,000 participants, including advisors and institutional clients. Following strong Q2 earnings signaling organic growth and a record $1.1 trillion in total assets, the firm aims to enhance personalization in services. CEO Dan Arnold emphasized a shift towards custom solutions for advisors. With the advisor market anticipated to reach $24 trillion by 2022, LPL is allocating over $1.3 billion in technology and workforce investments to support growth.
LPL Financial (Nasdaq: LPLA) announces today that Corey Staten joins as executive vice president of Service, effective immediately. He will oversee the Service organization, enhancing the experience for LPL advisors, RIAs, and institutions. Staten has extensive experience in client service, previously holding leadership positions at JPMorgan Chase, Charles Schwab, and American Express. He succeeds Tim Hodge, who played a pivotal role in evolving LPL's service experience over the past six years. Staten's appointment aims to accelerate the service strategy and strengthen LPL's client care.
LPL Financial (Nasdaq:LPLA) has announced a reduction in the investment minimum for its Optimum Market Portfolios (OMP) from $10,000 to $1,000. This strategic change broadens access for advisors to provide services to a wider client base with lower investable assets. The OMP platform offers professionally managed portfolios and risk management strategies, enhancing diversification through multiple subadvisors. With $9.2 billion in assets under management as of June 30, 2021, LPL continues to support over 19,000 financial advisors nationwide.
LPL Financial (Nasdaq: LPLA) announced the addition of financial advisors Robert Allen, Marcel Morin, and April Davis from Capstone Financial Partners, who bring approximately $170 million in advisory and brokerage assets. The team, which focuses on financial education and long-range planning, seeks to enhance their operations through LPL's technology and resources, aiming for accelerated growth and hiring more advisors. LPL's executive vice president noted their commitment to providing innovative technology and support to help advisors succeed.
LPL Financial (Nasdaq: LPLA) announced the appointment of Greg Gates as managing director and Chief Technology & Information Officer, effective immediately. Gates, who has served as the interim head of technology since February 2021, will oversee all technology initiatives aimed at enhancing the firm's offerings for advisors, RIAs, and institutions. His experience includes nearly two decades in FinTech management, previously leading teams at PayPal and Bank of America. Gates replaces Scott Seese, who has stepped down due to personal reasons.
LPL Financial reported strong Q2 results, with diluted EPS rising 15% year-over-year to $1.46 and net income increasing 17% to $119 million. Pre-amortization EPS surged 30% to $1.85, while gross profit rose 23% to $602 million. Total advisory and brokerage assets soared 46% to $1.1 trillion, driven by a $69 billion acquisition from Waddell & Reed. The company also indicated plans to resume share repurchases in Q3 2021, with an estimated $40 million per quarter, and declared a $0.25 per share dividend, reinforcing commitment to shareholder value.
LPL Financial has opened a new Linsco office in Raleigh, N.C., with financial advisors Kyle Smith and Michael Sandlin as anchor tenants. Together, they bring approximately $740 million in advisory, brokerage, and retirement plan assets. The duo, previously with Truist Investment Services, aims to offer comprehensive financial planning services while maintaining client-first fiduciary practices. They emphasize LPL's supportive environment, allowing them to focus on client service. The new office is expected to accommodate additional Linsco advisors in the future.
LPL Financial (Nasdaq: LPLA) has welcomed financial advisors Joe Roddy, Steve Mayer, and Laurie Elfrank from West End Advisory Group, who managed approximately $170 million in assets. This team aims to enhance client services by leveraging LPL's digital capabilities and customizing their technology and business model. LPL's executive vice president, Scott Posner, expressed commitment to supporting the advisors in their growth journey. The partnership reflects LPL's focus on advisor-centered services and the provision of comprehensive wealth management solutions.
LPL Financial announces the launch of PBC Private Wealth, a new independent practice founded by Steven Bailin, Jodie Cohen, and Jeffrey Prince, who joined from Morgan Stanley. The team, managing approximately $700 million in assets, aims to provide customized advice and financial planning services to affluent clients. They highlight LPL's Strategic Wealth Services model as a key factor in their decision, offering tailored support and innovative technology to enhance client service. The advisors are motivated to integrate client values and financial goals into their services, emphasizing independence and personalized support.
LPL Financial has unveiled its new Resilience Plan, designed to support financial advisors during short-term leaves of absence for personal, medical, or family reasons. This service guarantees client management by LPL’s in-house team, ensuring advisors’ practices remain intact while they focus on personal matters. The Resilience Plan allows coverage for up to nine months and includes various scenarios such as parental leave and personal illnesses. This initiative highlights LPL’s commitment to advisor support and business continuity, allowing advisors to maintain strong client relationships during their absence.