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 Holdings reported Q3 2020 results with net income of $104 million, or $1.29 per share, compared to $132 million or $1.57 per share in Q3 2019. Gross profit reached $506 million, and EBITDA was $205 million, representing 41% of gross profit. Total advisory assets increased by 20% to $406 billion. Dividends declared amounted to $20 million. The company signed agreements to onboard BMO Harris Financial Advisors and acquired Blaze Portfolio for approximately $12 million.
LPL Financial has acquired Blaze Portfolio, a fintech firm known for its innovative trading software, with a transaction valued at approximately $12 million. This acquisition aims to enhance LPL's core technology platform, allowing financial advisors to efficiently manage client investments. The deal, finalized on October 26, 2020, also includes a potential contingent payment of $5 million. LPL intends to retain Blaze's team to further develop its services while expanding its wealth management capabilities.
LPL Financial (Nasdaq:LPLA) has welcomed financial advisors Michael and Patrick O’Reilly to its broker-dealer and corporate RIA platforms. The O’Reillys, based in St. Louis, manage approximately $150 million in advisory and brokerage assets. They transitioned from Securities Service Network, seeking LPL's financial stability and advanced technology. Patrick emphasized their philosophy of simplifying financial planning through a bucket approach. Rich Steinmeier from LPL expressed excitement to support the O’Reillys in enhancing client services.
LPL Financial (LPLA) announced that the wealth management program at CenterState Bank is joining LPL through its merger with South State Bank. This program manages approximately $350 million in brokerage and advisory assets. With the addition of eight CenterState advisors and five client service members, the merger enhances South State Investment Services, expanding its reach across six Southeastern states.
Tim Sease, managing director, emphasized the merger's potential for growth, while LPL's Rich Steinmeier highlighted their commitment to supporting this expansion.
LPL Financial has welcomed Tagge Rutherford Financial Group to its broker-dealer and corporate RIA platforms, enhancing LPL's service offerings.
Tagge Rutherford, based in Omaha, has approximately $1 billion in advisory and brokerage assets and utilizes a team approach for client services.
With LPL’s advanced technology and integrated workflow, the onboarding process has become seamless, improving client experiences significantly.
LPL Financial (LPLA) has welcomed financial advisors Tom and Bill Smothers, who bring approximately $220 million in assets under management, to its platforms from KMS Financial Services. The Smothers have extensive experience in the retirement plan sector and aim to enhance their services in wealth management and financial planning. Their decision to partner with LPL highlights the firm’s commitment to supporting advisors with resources and expertise in the qualified retirement plan space. This partnership aims to improve service quality for clients as their financial needs evolve.
LPL Financial has announced that its Model Wealth Portfolios (MWP) platform has been named a finalist for the Wealth Management Platform of the Year in the 2020 Money Management Institute/Barron’s Industry Awards. MWP offers fully diversified mutual fund and ETP models, supported by 15 institutional portfolio strategists. During COVID-19, MWP has helped advisors navigate market volatility, and since April 2019 has expanded to include the Advisor Sleeve option, adding over $3B in assets. The winners of the awards will be announced on October 22, 2020.
LPL Financial has announced its annual Women's Conference, titled Women Lead: eForum, transitioning to a virtual format to accommodate more participants. Originally a gathering of 150, this year’s event features nearly 700 registered attendees and runs until October 30. The conference includes various sessions led by LPL executives and keynote speakers, focusing on networking and professional development. A unique allies program invites male allies to participate, promoting inclusion in an industry traditionally dominated by men.
LPL Financial (Nasdaq:LPLA) has appointed Thomas Cappello as executive vice president and chief risk officer, effective October 12, 2020. Cappello, with extensive experience from Bank of America and UBS, will oversee LPL's risk functions, including Enterprise Risk Management. His appointment comes at a time when LPL seeks to enhance its enterprise-wide risk management framework, aligning with the firm's growth strategy in the evolving financial advisory market. Cappello aims to leverage macro trends to support LPL’s service to advisors and institutions for effective client guidance.
LPL Financial (Nasdaq:LPLA) announced that financial advisor Rajat Rajan CFP®, AIF has joined their platform through Tranquil Advisors. Rajan brings approximately $125 million in assets under management from Wells Fargo Advisors and will focus on retirement planning and asset management for small to mid-sized companies in the D.C. area. This move enables him to leverage LPL's resources and customized portfolio options for his clients. Gladstone Wealth Partners will support Rajan’s transition, marking their entry into the D.C. market as LPL continues to expand its advisor network.