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 has welcomed SGC Financial and Insurance Services, a group of 13 financial advisors, to its broker-dealer and RIA platforms. SGC Financial, based in San Mateo, California, manages over $1 billion in assets and transitioned from Securian Financial. The firm aims to leverage LPL’s technology and independence to enhance client services. LPL’s self-clearing advantage and commitment to innovation were key factors in SGC's decision. The partnership is expected to foster growth opportunities in the Bay area and beyond.
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LPL Financial (LPLA) reported a robust increase in total brokerage and advisory assets, reaching approximately $823 billion at the end of August 2020, marking a 3.9% month-over-month rise. The firm recorded net new assets inflows of $3.1 billion, translating to a 4.7% annualized growth rate, with advisory assets inflowing $3.1 billion and a 9.4% annualized growth rate. Client cash balances remained steady at $45.1 billion. These results reflect continued strong performance in the advisory space amid ongoing market dynamics.
LPL Financial (LPLA) announced that JTL Wealth Partners has joined its broker-dealer and RIA platform, bringing approximately $250 million in advisory assets from Waddell & Reed Financial. Founded in 1994 by Jimmy Lee, JTL Wealth Partners aims to enhance their business using LPL's integrated ClientWorks platform and M&A support. The partnership will facilitate growth beyond Texas, leveraging LPL's extensive network to align with suitable businesses for acquisition.
LPL Financial announces the launch of River’s Edge Wealth Partners, an independent practice by financial advisor Tony Frigoletto, previously with Wells Fargo Advisors. The new firm will manage around $500 million in assets, focusing on providing tailored financial advice. Frigoletto emphasized the independence offered by LPL’s model, which allows for better client service and operational efficiency. The River’s Edge team aims to support clients' financial goals through comprehensive planning and investment management, backed by LPL’s resources and innovative technology.
LPL Financial announced the addition of financial advisor Forrest Williams Jr. from The Opus Group of Virginia, who brings approximately $150 million in assets under management. With 27 years of experience, Williams specializes in asset management and retirement planning. He cites LPL's technology and support for independence as key reasons for the move. LPL's managing director emphasized the firm’s commitment to enhancing client experience and supporting advisors' growth in a changing market.
LPL Financial (Nasdaq: LPLA) announced the addition of Brian J. Donley and Douglas J. Richey to its broker-dealer platform. The advisors, managing partners at Summit Wealth Advisors in Pittsburgh, bring approximately $140 million in brokerage and advisory assets. They joined from Lincoln Financial Securities, aiming to leverage LPL's resources for enhanced client service. With over 20 years of partnership, they focus on long-term investment strategies for pre-retirees. LPL emphasizes its commitment to supporting advisors with integrated technology and growth solutions.
LPL Financial (Nasdaq:LPLA) has announced that financial advisors Allen Lorenzi, Ira Shapiro, and Michael Walker have formed a new practice named Raintree Wealth Partners. This new venture combines approximately $375 million in brokerage, advisory, and retirement plan assets. The advisors transitioned from Wells Fargo Advisors to utilize LPL and Stratos Wealth Partners' platforms, enhancing their independence and operational capabilities. Lorenzi highlighted the appeal of LPL's technology and services as crucial for their client-focused approach.
LPL Financial has successfully closed its acquisition of Lucia Securities, a broker-dealer and registered investment advisor based in San Diego, as of August 18, 2020. Lucia Securities manages over $1.5 billion in client assets, expected to be integrated into LPL's platform by the end of 2020. All 20 advisors from Lucia have committed to join LPL as Lucia Capital Group. The transaction anticipates a multiple of approximately 6x post-synergy EBITDA, enhancing LPL’s market position and operational capabilities.
LPL Financial (LPLA) held its annual conference, Focus 2020, virtually, attracting over 13,000 attendees, including 10,000 financial advisors. The event highlighted the growing demand for financial advice amid the pandemic, with President Dan Arnold emphasizing LPL's commitment to invest over $1 billion annually in resources to support advisors. Key technology enhancements were announced, including Meeting Manager and an upgraded e-Signature tool. Additionally, LPL established a partnership with Slack, improving communication tools for advisors while introducing new business solutions to support advisor growth.