Business
LPL Financial Reports Monthly Activity for April 2023
SAN DIEGO, May 17, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC ("LPL Financial"), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"SAN DIEGO, May 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 April 2023. Total advisory and brokerage assets at the end of April were $1.19 trillion, an increase of $12.5 billion, or 1.1%, compared to the end of March 2023. Total net new assets for April were $4.4 billion, translating to an 4.5% annualized growth rate. Total net new advisory assets were $3.4 billion, translating to an 6.6% annualized growth rate. Total client cash balances at the end of April were $50.9 billion, a decrease of $3.7 billion compared to the end of March 2023. Net buying in April was $11.1 billion. (End of period $ in billions, unless noted)April March Change April Change 2023 2023 M/M 2022 Y/Y Advisory and Brokerage Assets Advisory assets628.2 620.9 1.2%586.3 7.1%Brokerage assets559.5 554.3 0.9%509.5 9.8%Total Advisory and Brokerage Assets1,187.7 1,175.2 1.1%1,095.8 8.4% Total Net New Assets Net new advisory assets3.4 6.3 n/m 2.2 n/m Net new brokerage assets1.0 4.3 n/m (0.3)n/m Total Net New Assets4.4 10.6 n/m 1.9 n/m Organic Net New Assets Net new organic advisory assets3.4 6.3 n/m 2.2 n/m Net new organic brokerage assets1.0 3.9 n/m (0.3)n/m Total Organic Net New Assets4.4 10.1 n/m 1.9 n/m Net brokerage to advisory conversions0.6 0.7 n/m 0.7 n/m Client Cash Balances Insured cash account sweep37.0 39.7 (6.8%)34.1 8.5%Deposit cash account sweep9.5 10.2 (6.9%)9.2 3.3%Total Bank Sweep46.5 49.9 (6.8%)43.3 7.4%Money market sweep2.5 2.6 (3.8%)16.9 (85.2%)Total Client Cash Sweep Held by Third Parties49.0 52.5 (6.7%)60.2 (18.6%)Client cash account1.9 2.1 (9.5%)1.4 35.7%Total Client Cash Balances50.9 54.6 (6.8%)61.7 (17.5%) Net buy (sell) activity11.1 13.4 n/m 3.1 n/m Market Drivers S&P 500 Index (end of period)4,169 4,109 1.5%4,132 0.9%Russell 2000 Index (end of period)1,769 1,802 (1.8%)1,864 (5.1%)Fed Funds daily effective rate (average bps)483 465 3.9%33 n/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 [email protected](617) 897-4574 Media [email protected]...