Business
LPL Financial Reports Monthly Activity for October 2022
SAN DIEGO, Nov. 16, 2022 (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, Nov. 16, 2022 (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 October 2022. Total advisory and brokerage assets at the end of October were $1.09 trillion, an increase of $48.2 billion, or 4.6%, compared to the end of September 2022. Total net new assets for October were $4.0 billion, translating to a 4.6% annualized growth rate. This included $0.4 billion of brokerage assets from People's United that onboarded in October. Total net new advisory assets were $1.6 billion, translating to a 3.5% annualized growth rate. Total client cash balances at the end of October were $65.2 billion, a decrease of $1.6 billion compared to the end of September 2022. Net buying in October was $7.7 billion. (End of period $ in billions, unless noted)OctoberSeptemberChange OctoberChange 20222022M/M 2021Y/Y Advisory and Brokerage Assets Advisory assets569.3542.6 4.9%623.3 (8.7%)Brokerage assets517.3495.8 4.3%557.2 (7.2%)Total Advisory and Brokerage Assets1,086.61,038.4 4.6%1,180.5 (8.0%) Total Net New Assets Net new advisory assets1.63.8n/m 6.6n/m Net new brokerage assets2.41.6n/m 0.7n/m Total Net New Assets4.05.4n/m 7.2n/m Organic Net New Assets Net new organic advisory assets1.63.8n/m 6.6n/m Net new organic brokerage assets2.41.6n/m 0.7n/m Total Organic Net New Assets4.05.4n/m 7.2n/m Net brokerage to advisory conversions0.30.4n/m 1.1n/m Client Cash Balances Insured cash account sweep46.947.7 (1.7%)29.3 60.1%Deposit cash account sweep12.212.7 (3.9%)8.5 43.5%Total Bank Sweep59.160.3 (2.0%)37.8 56.3%Money market sweep3.13.2 (3.1%)11.3 (72.6%)Total Client Cash Sweep Held by Third Parties62.263.5 (2.0%)49.1 26.7%Client cash account3.03.3 (9.1%)1.4n/m Total Client Cash Balances65.266.8 (2.4%)50.5 29.1% Net buy (sell) activity7.75.2n/m 5.8n/m Market Drivers S&P 500 Index (end of period)3,8723,586 8.0%4,605 (15.9%)Russell 2000 Index (end of period)1,8471,665 10.9%2,297 (19.6%)Fed Funds daily effective rate (average bps)308260 18.5%8n/m Note: Totals may not foot due to rounding. For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com. Conta...