Press release
LPL Financial Reports Monthly Activity for July 2024
SAN DIEGO, Aug. 22, 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, Aug. 22, 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 July 2024. Total advisory and brokerage assets at the end of July were $1.53 trillion, an increase of $31.5 billion, or 2.1%, compared to the end of June 2024. Total net new assets for July were $9.0 billion, translating to a 7.2% annualized growth rate. This included $0.6 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Excluding these assets, total net new assets were $9.5 billion, translating to a 7.7% annualized growth rate. Total net new advisory assets were $6.8 billion, translating to a 9.8% annualized growth rate. Excluding the off-boarded assets from misaligned large OSJs, total net new advisory assets were $7.3 billion, translating to a 10.6% annualized growth rate. Total client cash balances at the end of July were $44.0 billion, unchanged compared to the end of June 2024. Net buying in July was $12.9 billion. (End of period $ in billions, unless noted)July June ChangeJuly Change2024 2024 M/M2023 Y/YAdvisory and Brokerage Assets Advisory assets850.6 829.1 2.6%684.4 24.3%Brokerage assets678.7 668.7 1.5%594.0 14.3%Total Advisory and Brokerage Assets1,529.3 1,497.8 2.1%1,278.4 19.6% Total Net New Assets Net new advisory assets6.8 9.2 n/m7.7 n/mNet new brokerage assets2.2 1.6 n/m3.4 n/mTotal Net New Assets9.0 10.8 n/m11.0 n/m Organic Net New Assets Net new organic advisory assets6.8 9.2 n/m7.7 n/mNet new organic brokerage assets2.2 1.6 n/m3.4 n/mTotal Organic Net New Assets9.0 10.8 n/m11.0 n/m Net brokerage to advisory conversions1.0 1.2 n/m0.9 n/m Client Cash Balances Insured cash account sweep31.1 31.0 0.3%35.1 (11.4%)Deposit cash account sweep9.1 9.2 (1.1%)9.1 —%Total Bank Sweep40.2 40.2 —%44.3 (9.3%)Money market sweep2.3 2.3 —%2.4 (4.2%)Total Client Cash Sweep Held by Third Parties42.5 42.5 —%46.6 (8.8%)Client cash account(1)1.5 1.5 —%1.6 (6.3%)Total Client Cash Balances44.0 44.0 —%48.3 (8.9%) Net buy (sell) activity12.9 12.1 n/m11.6 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 disclosu...