LPL Financial reported a robust third quarter, posting record-breaking performance in several areas and surpassing earnings expectations. According to InvestmentNews, the firm announced a net income of $255 million.
LPL also achieved a notable milestone in recruited assets, reaching $26 billion, the firm's highest on record for a quarter without large institutional additions. Advisor headcount also hit a new peak of 23,686, reflecting the addition of 224 advisors and a year-over-year growth of 1,282. Additionally, net new assets gained $27 billion (7 percent annualized), bringing total assets to a record $1.6 trillion, marking a 26 percent increase from last year.
InvestmentNews also reports that the quarter also included significant acquisition activity, with LPL finalizing its purchase of New York-based Atria Wealth Solutions in early October. The firm's onboarding of Prudential's retail wealth management business remains on schedule for the end of 2024, and LPL recently entered an agreement to acquire The Investment Center, a New Jersey-based hybrid RIA, set to close in early 2025.
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