Business
LPL Financial Reports Monthly Activity for August 2023
SAN DIEGO, Sept. 21, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA)
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"SAN DIEGO, Sept. 21, 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 August 2023. Total advisory and brokerage assets at the end of August were $1.27 trillion, a decrease of $7.1 billion, or 0.6%, compared to the end of July 2023. Total net new assets for August were $13.1 billion, translating to a 12.3% annualized growth rate. Total net new advisory assets were $8.3 billion, translating to a 14.6% annualized growth rate. Total client cash balances at the end of August were $48.2 billion, a decrease of $0.6 billion compared to the end of July 2023. Net buying in August was $12.7 billion. (End of period $ in billions, unless noted)AugustJulyChangeAugustChange20232023M/M2022Y/YAdvisory and Brokerage Assets Advisory assets680.8684.4(0.5%)580.017.4%Brokerage assets590.5594.0(0.6%)524.912.5%Total Advisory and Brokerage Assets1,271.31,278.4(0.6%)1,104.815.1% Total Net New Assets Net new advisory assets8.37.7n/m4.2n/mNet new brokerage assets4.73.4n/m5.5n/mTotal Net New Assets13.111.0n/m9.7n/m Organic Net New Assets Net new organic advisory assets8.37.7n/m4.2n/mNet new organic brokerage assets4.73.4n/m5.5n/mTotal Organic Net New Assets13.111.0n/m9.7n/m Net brokerage to advisory conversions0.90.9n/m0.9n/m Client Cash Balances Insured cash account sweep34.735.1(1.1%)47.1(26.3%)Deposit cash account sweep9.19.1—%12.4(26.6%)Total Bank Sweep43.844.3(1.1%)59.5(26.4%)Money market sweep2.52.44.2%3.2(21.9%)Total Client Cash Sweep Held by Third Parties46.346.6(0.6%)62.7(26.2%)Client cash account1.82.2(18.2%)3.1(41.9%)Total Client Cash Balances48.248.8(1.2%)65.8(26.7%) Net buy (sell) activity12.711.6n/m10.0n/m Market Drivers S&P 500 Index (end of period)4,5084,589(1.8%)3,95514.0% Russell 2000 Index (end of period)1,9002,003(5.1%)1,8443.0% Fed Funds daily effective rate (average bps)5335124.1%233128.8% 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] Media [email protected] About LPL Financial LPL Financial Holdings Inc. (Nasdaq: LPLA) was founde...