Lpl Financial Stock Price, News & Analysis

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.

LPL Financial announces that two of its affiliated advisors, Susan Kaplan and Laila Pence, have been recognized among the Top 100 Women Financial Advisors by Barron’s. Kaplan ranked No. 7 and Pence ranked No. 16 on the list, highlighting their significant contributions in managing assets and generating revenue. LPL's managing director, Andy Kalbaugh, praised their achievements and emphasized the role of the independent model in empowering women advisors. This recognition underscores LPL Financial's commitment to supporting diverse talent within the financial advisory sector.

LPL Financial has announced the addition of Kris Staples and Trevor Johnson from Staples Financial to its broker-dealer and RIA platforms, managing approximately $150 million in assets. The duo, who transitioned from First Allied Securities, cited LPL's advanced technology and potential fee reductions for clients as key factors in their decision. LPL aims to support them and invest in resources for sustainable growth amidst uncertain market conditions.

LPL Financial has welcomed financial advisors Matt Meyers Sr. and Matthew Meyers Jr. from Crossroads Financial Services to its platforms, managing approximately $300 million in assets. The team, which specializes in financial planning for educators in Texas, aims to enhance their services by leveraging LPL's technology and support from The Financial Services Network. Matt Meyers Sr. brings over 35 years of experience, while his son joined the practice in 2012. This partnership is expected to elevate the client experience and facilitate future growth.

LPL Financial announced the addition of Glenn Drake and John Kinzer, both CFPs, along with Operations Manager Rachel Waltjen, to its broker-dealer and RIA platforms. CenterPoint Wealth Advisors, managed by Drake and Kinzer, serves approximately $225 million in assets and aims to enhance client services through LPL's technology and independent advisory model. The team, with over 60 years of combined experience, focuses on affluent families and small business owners, emphasizing proactive financial management.

LPL Financial Holdings Inc. (Nasdaq: LPLA) announced it will release its second quarter financial results on July 30, 2020, post-market close. The Company will hold a conference call at 5 p.m. ET to discuss the results, accessible via phone or webcast on their Investor Relations website. A replay of the call will be available until August 20. LPL Financial is a leading firm in the retail financial advice market, serving independent advisors and institutions with essential services for wealth management and retirement planning.