LPL Financial Reports Monthly Activity for July 2023

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SAN DIEGO, Aug. 17, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for July 2023.

Total advisory and brokerage assets at the end of July were $1.28 trillion, an increase of $38.2 billion, or 3.1%, compared to the end of June 2023.

Total net new assets for July were $11.0 billion, translating to a 10.7% annualized growth rate. Total net new advisory assets were $7.7 billion, translating to a 14.0% annualized growth rate.

Total client cash balances at the end of July were $48.8 billion, a decrease of $1.2 billion compared to the end of June 2023. Net buying in July was $11.6 billion.

(End of period $ in billions, unless noted)JulyJuneChange JulyChange 
20232023M/M 2022Y/Y 
Advisory and Brokerage Assets     
Advisory assets684.4661.63.4%593.415.3%
Brokerage assets594.0578.62.7%530.911.9%
Total Advisory and Brokerage Assets1,278.41,240.23.1%1,124.313.7%
        
Total Net New Assets       
Net new advisory assets7.77.7n/m 3.0n/m 
Net new brokerage assets3.41.5n/m 1.8n/m 
Total Net New Assets11.09.2n/m 4.8n/m 
        
Organic Net New Assets       
Net new organic advisory assets7.77.7n/m 3.0n/m 
Net new organic brokerage assets3.41.5n/m 1.8n/m 
Total Organic Net New Assets11.09.2n/m 4.8n/m 
        
Net brokerage to advisory conversions0.90.8n/m 0.4n/m 
       
Client Cash Balances       
Insured cash account sweep35.136.0(2.5%)41.9(16.2%)
Deposit cash account sweep9.19.5(4.2%)12.3(26.0%)
Total Bank Sweep44.345.5(2.6%)54.2(18.3%)
Money market sweep2.42.34.3%13.9(82.7%)
Total Client Cash Sweep Held by Third Parties46.647.9(2.7%)68.1(31.6%)
Client cash account2.22.14.8%1.369.2%
Total Client Cash Balances48.850.0(2.4%)69.4(29.7%)
      
Net buy (sell) activity11.611.7n/m 5.1n/m 
      
Market Drivers     
S&P 500 Index (end of period)4,5894,4503.1%4,13011.1%
Russell 2000 Index (end of period)2,0031,8896.0%1,8856.3%
Fed Funds daily effective rate (average bps)5125080.8%164n/m 
      

For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.

Contacts

Investor Relationsinvestor.relations@lplfinancial.com

Media Relationsmedia.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 550 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

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Source: LPL Financial Holdings, Inc.

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