Welcome to our dedicated page for LPL Financial Holdings news (Ticker: LPLA), a resource for investors and traders seeking the latest updates and insights on LPL Financial Holdings stock.
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) announced that financial advisor Michael Cuttita has joined its broker-dealer platform, aligning with Gladstone Wealth Partners. Cuttita, with 24 years of experience and approximately $120 million in advisory and brokerage assets, aims to simplify investing for clients. He launches his independent practice, Platinum Wealth Advisors, in Paramus, N.J. LPL supports advisors with innovative technology and business solutions, while Gladstone will aid in expanding Cuttita's firm by recruiting additional advisors.
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LPL Financial (Nasdaq: LPLA) has announced that financial advisor Joel Drake has joined its broker-dealer and investment platforms from FSC Securities, overseeing approximately $200 million in advisory assets. Drake emphasizes a client-focused practice specializing in retirement and investment consulting. His transition aims to leverage LPL's resources to enhance client service and support growth, including the potential addition of a junior advisor. LPL continues to invest in its partners to bolster advisor capabilities and client experience.
LPL Financial (Nasdaq: LPLA) has welcomed Kraner, LLC to its platform, enhancing its network of financial advisors. The Kraner team, led by CEO Vladislav Zherenovsky, brings over $200 million in advisory assets from Voya Financial Advisors. Founded in 2010, Kraner has grown through strategic acquisitions, receiving several industry accolades. Zherenovsky chose LPL for its superior technology and support, which he believes will facilitate further growth. This acquisition aligns with LPL's continued expansion and commitment to providing advisors with the tools they need to succeed.
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.
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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.