Business
LPL Financial Reports Monthly Activity For February 2023
SAN DIEGO, March 23, 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, March 23, 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 February 2023. Total advisory and brokerage assets at the end of February were $1.15 trillion, a decrease of $17.1 billion, or 1.5%, compared to the end of January 2023. Total net new assets for February were $5.2 billion, translating to a 5.4% annualized growth rate. Total net new advisory assets were $4.3 billion, translating to an 8.4% annualized growth rate. Total client cash balances at the end of February were $56.2 billion, a decrease of $3.5 billion compared to the end of January 2023. Net buying in February was $12.4 billion, a new monthly high. Given the industry events of the past couple weeks, we are providing an update to certain metrics — As of March 22nd, total client cash balances were down slightly from February, while net buying activity remained elevated. (End of period $ in billions, unless noted)FebruaryJanuaryChangeFebruaryChange 20232023M/M2022Y/YAdvisory and Brokerage Assets Advisory assets606.1615.2(1.5%)612.9(1.1%)Brokerage assets541.7549.7(1.5%)531.91.8%Total Advisory and Brokerage Assets1,147.81,164.9(1.5%)1,144.80.3% Total Net New Assets Net new advisory assets4.34.0n/m5.4n/mNet new brokerage assets1.04.6n/m(0.2)n/mTotal Net New Assets5.28.6n/m5.2n/m Organic Net New Assets Net new organic advisory assets4.33.1n/m5.4n/mNet new organic brokerage assets1.02.2n/m(0.2)n/mTotal Organic Net New Assets5.25.4n/m5.2n/m Net brokerage to advisory conversions0.80.6n/m0.9n/m Client Cash Balances Insured cash account sweep40.743.5(6.4%)29.936.1%Deposit cash account sweep10.310.8(4.6%)10.5(1.9%)Total Bank Sweep51.054.3(6.1%)40.426.2%Money market sweep2.82.9(3.4%)18.4(84.8%)Total Client Cash Sweep Held by Third Parties53.857.2(5.9%)58.8(8.5%)Client cash account2.42.5(4.0%)1.741.2%Total Client Cash Balances56.259.7(5.9%)60.4(7.0%) Net buy (sell) activity12.411.1n/m4.0n/m Market Drivers S&P 500 Index (end of period)3,9704,077(2.6%)4,374(9.2%)Russell 2000 Index (end of period)1,8971,932(1.8%)2,048(7.4%)Fed Funds daily effective rate (average bps)4574335.5%8n/m Note: Totals may not foot due to rounding. For additional information regarding these and other LPL Financial business metrics, please refer to t...