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LPL Financial Reports Monthly Activity for May 2024

LPL Financial Holdings, Inc.
LPL Financial Holdings, Inc.

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 assets

809.4

 

775.5

 

4.4

%

629.8

 

28.5

%

Brokerage assets

655.0

 

637.5

 

2.7

%

560.2

 

16.9

%

Total Advisory and Brokerage Assets

1,464.4

 

1,413.0

 

3.6

%

1,190.0

 

23.1

%

 

 

 

 

 

 

 

 

Total Net New Assets

 

 

 

 

 

 

 

Net new advisory assets

9.9

 

7.6

 

n/m

 

7.0

 

n/m

 

Net new brokerage assets

1.3

 

4.3

 

n/m

 

1.2

 

n/m

 

Total Net New Assets

11.2

 

12.0

 

n/m

 

8.1

 

n/m

 

 

 

 

 

 

 

 

 

 

 

Organic Net New Assets

 

 

 

 

 

 

 

 

 

Net new organic advisory assets

9.9

 

7.4

 

n/m

 

7.0

 

n/m

 

Net new organic brokerage assets

1.3

 

(0.4

)

n/m

 

1.2

 

n/m

 

Total Organic Net New Assets

11.2

 

7.0

 

n/m

 

8.1

 

n/m

 

 

 

 

 

 

 

 

 

 

 

Net brokerage to advisory conversions

1.2

 

1.2

 

n/m

 

0.7

 

n/m

 

 

 

 

 

 

 

 

 

Client Cash Balances

 

 

 

 

 

 

 

Insured cash account sweep

31.8

 

32.5

 

(2.2

%)

36.5

 

(12.9

%)

Deposit cash account sweep

9.0

 

9.1

 

(1.1

%)

9.7

 

(7.2

%)

Total Bank Sweep

40.8

 

41.6

 

(1.9

%)

46.2

 

(11.7

%)

Money market sweep

2.3

 

2.3

 

%

2.5

 

(8.0

%)

Total Client Cash Sweep Held by Third Parties

43.1

 

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 Balances

44.5

 

45.7

 

(2.6

%)

50.1

 

(11.2

%)

 

 

 

 

 

 

 

 

Net buy (sell) activity

15.0

 

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, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.

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Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.