Business
LPL Financial Reports Monthly Activity for May 2024
SAN DIEGO, June 20, 2024 (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, June 20, 2024 (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 May 2024. Total advisory and brokerage assets at the end of May were $1.46 trillion, an increase of $51.4 billion, or 3.6%, compared to the end of April 2024. Total net new assets for May were $11.2 billion, translating to a 9.5% annualized growth rate. Total net new advisory assets were $9.9 billion, translating to a 15.3% annualized growth rate. Total client cash balances at the end of May were $44.5 billion, a decrease of $1.2 billion compared to the end of April 2024. Net buying in May was a record $15.0 billion. (End of period $ in billions, unless noted)May April Change May Change 2024 2024 M/M 2023 Y/Y Advisory and Brokerage Assets Advisory assets809.4 775.5 4.4%629.8 28.5%Brokerage assets655.0 637.5 2.7%560.2 16.9%Total Advisory and Brokerage Assets1,464.4 1,413.0 3.6%1,190.0 23.1% Total Net New Assets Net new advisory assets9.9 7.6 n/m 7.0 n/m Net new brokerage assets1.3 4.3 n/m 1.2 n/m Total Net New Assets11.2 12.0 n/m 8.1 n/m Organic Net New Assets Net new organic advisory assets9.9 7.4 n/m 7.0 n/m Net new organic brokerage assets1.3 (0.4)n/m 1.2 n/m Total Organic Net New Assets11.2 7.0 n/m 8.1 n/m Net brokerage to advisory conversions1.2 1.2 n/m 0.7 n/m Client Cash Balances Insured cash account sweep31.8 32.5 (2.2%)36.5 (12.9%)Deposit cash account sweep9.0 9.1 (1.1%)9.7 (7.2%)Total Bank Sweep40.8 41.6 (1.9%)46.2 (11.7%)Money market sweep2.3 2.3 —%2.5 (8.0%)Total Client Cash Sweep Held by Third Parties43.1 43.8 (1.6%)48.7 (11.5%)Client cash account(1)1.3 1.9 (31.6%)1.4 (7.1%)Total Client Cash Balances44.5 45.7 (2.6%)50.1 (11.2%) Net buy (sell) activity15.0 12.3 n/m 9.5 n/m Note: Totals may not foot due to rounding.(1) During the first quarter of 2024, the Company updated its definition of client cash account balances to exclude other client payables. Prior period disclosures have been updated to reflect this change as applicable. Market Drivers S&P 500 Index (end of period)5,278 5,036 4.8%4,180 26.3%Russell 2000 Index (end of period)2,070 1,974 4.9%1,750 18.3%Fed Funds daily effective rate (average bps)533 533 —%505 5.5% For additional information regarding these and other LPL Financial business metrics,...