Business
LPL Financial Reports Monthly Activity for January 2023
SAN DIEGO, Feb. 14, 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, Feb. 14, 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 January 2023. Total advisory and brokerage assets at the end of January were $1.16 trillion, an increase of $54.1 billion, or 4.9%, compared to the end of December 2022. Total net new assets for January were $8.6 billion, which included $3.2 billion of acquired net new assets resulting from the acquisition of Boenning & Scattergood on January 31. Total organic net new assets for January were $5.4 billion, translating to a 5.8% annualized growth rate. Total organic net new advisory assets were $3.1 billion, translating to a 6.4% annualized growth rate. Total client cash balances at the end of January were $59.7 billion, a decrease of $4.4 billion compared to the end of December 2022. Net buying in January was $11.1 billion, a new monthly high. (End of period $ in billions, unless noted)JanuaryDecemberChangeJanuaryChange20232022M/M2022Y/YAdvisory and Brokerage Assets Advisory assets615.2583.15.5%619.6(0.7%)Brokerage assets549.7527.74.2%538.22.1%Total Advisory and Brokerage Assets1,164.91,110.84.9%1,157.80.6% Total Net New Assets Net new advisory assets4.07.4n/m5.9n/mNet new brokerage assets4.64.2n/m0.1n/mTotal Net New Assets8.611.7n/m6.1n/m Organic Net New Assets Net new organic advisory assets3.17.4n/m5.9n/mNet new organic brokerage assets2.24.2n/m0.1n/mTotal Organic Net New Assets5.411.7n/m6.1n/m Net brokerage to advisory conversions0.60.5n/m1.2n/m Client Cash Balances Insured cash account sweep43.546.8(7.1%)29.647.0%Deposit cash account sweep10.811.5(6.1%)9.711.3%Total Bank Sweep54.358.4(7.0%)39.437.8%Money market sweep2.93.0(3.3%)17.3(83.2%)Total Client Cash Sweep Held by Third Parties57.261.4(6.8%)56.70.9%Client cash account2.52.7(7.4%)1.838.9%Total Client Cash Balances59.764.1(6.9%)58.42.2% Net buy (sell) activity11.17.9n/m3.5n/m Market Drivers S&P 500 Index (end of period)4,0773,8406.2%4,516(9.7%)Russell 2000 Index (end of period)1,9321,7619.7%2,028(4.7%)Fed Funds daily effective rate (average bps)4334095.9%8n/mNote: Totals may not foot due to rounding. For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which i...