Business
LPL Financial Reports Monthly Activity for July 2023
SAN DIEGO, Aug. 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, 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 [email protected] Media [email protected] About LPL Financial LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the princi...