Core Insights - LPL Financial Holdings Inc. has confirmed Rich Steinmeier as Chief Executive Officer and Matt Audette as President and Chief Financial Officer, effective immediately [1][2] - Steinmeier's appointment reflects the Board's succession plan and acknowledges his contributions since joining LPL in 2018, during which the company's organic growth rate has more than doubled [2] - The leadership team aims to enhance client service and stakeholder value while maintaining a strong position in the wealth management sector [2] Leadership Changes - Rich Steinmeier, previously interim CEO since October 1, 2024, has been appointed as the permanent CEO and elected to the Board [1][3] - Matt Audette has expanded his role from Chief Financial Officer to include the position of President, overseeing financial, risk, compliance, and client operations [1][4] Company Background - LPL Financial serves over 23,000 financial advisors and approximately 1,000 institutions, emphasizing an advisor-mediated model that allows for personalized financial guidance [5] - The firm operates under the principle that it should work for advisors and institutions, providing them with the freedom to choose their business models and manage client relationships [5]

SAN DIEGO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that a group of advisors in St. Petersburg, Fla., have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported having served approximately $450 million in advisory and brokerage assets* and join LPL from Raymond James. Financial advisors Michael Collins, Jim Spicer, Ryan Roy, Gary Hummel, Robert Torris, David Zaccagnino, Steven Laesser and Mark Wolf, along with his son Logan Wolf, a registered assistant, ...

Core Insights - LPL Financial has established a comprehensive platform for financial advisors, covering front, middle, and back-office solutions [1] - As of Q2 2024, LPL Financial has onboarded approximately 23,500 advisors and manages around $1.5 trillion in assets [1]

Core Insights - LPL Financial LLC has announced the launch of a new independent practice, Air Capital Wealth Management, by financial advisors Michael Caffrey, Derek Keller, and Gabriel Parham, who have transitioned from Merrill Lynch and collectively manage approximately $685 million in advisory, brokerage, and retirement plan assets [1][2][8] Group 1: Company Overview - Air Capital Wealth Management is based in Wichita, Kansas, and aims to provide personalized financial strategies to a diverse client base, including professionals from various fields such as medicine, engineering, and education [2][3] - The team emphasizes a commitment to building deep relationships with clients and simplifying financial complexities to help them achieve their goals [3][4] Group 2: Business Model and Support - The advisors chose LPL's Strategic Wealth Services for its supported independence model, which offers flexibility and resources to help them make their own business decisions while providing comprehensive services [4][6] - LPL Financial provides an integrated service model that includes simplified pricing, technology, and dedicated support, allowing advisors to focus on client needs and business growth [4][5] Group 3: Community Engagement - The advisors are actively involved in their local community, supporting various organizations and initiatives, and plan to expand their local presence by utilizing Wichita-based vendors [5][6] Group 4: LPL Financial's Position - LPL Financial is a leading firm serving over 23,000 financial advisors and emphasizes the importance of independence for advisors to manage client relationships effectively [6][8] - The firm is committed to supporting the full lifecycle of advisors' businesses, ensuring they have the necessary tools and resources to thrive [6]

SAN DIEGO, Oct. 03, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that the advisors at The Noble Group have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported having served approximately $2.1 billion in advisory, brokerage and retirement plan assets* and join LPL from Raymond James. Founded in 1996 by Tom Noble, AIF®, The Noble Group is a holistic wealth management firm that offers a range of financial services including corporate retirement plan consulting, finan ...

LPL Financial Holdings (LPLA) , along with its subsidiaries LPL Financial LLC, has completed the acquisition of Altria Wealth Solutions, Inc. ("Altria"). Further, the company announced a change in its leadership with the termination of its existing president and chief executive officer (CEO) and the appointment of a new CEO. Details of Acquisition Pursued by LPLA Atria Wealth Solutions, Inc., based in New York, boasts a network of almost 2,400 advisors and serves around 150 banks and credit unions, managing ...

Core Insights - LPL Financial has appointed Cheri Belski as executive vice president and head of investment management solutions, bringing over 25 years of experience in the financial services industry [1][2] - Belski's role will focus on leading investment efforts, including LPL Research, Investment Products, Advisory Platforms, and the Retirement Partners business [1][2] - The firm aims to enhance its investment solutions and services to meet the diverse needs of its advisors and clients [3] Company Overview - LPL Financial serves over 23,000 financial advisors and approximately 1,000 institutions, emphasizing a commitment to the advisor-mediated model [5] - The company provides personalized guidance and allows advisors the flexibility to choose their business models and services [5] Strategic Initiatives - Under Belski's leadership, LPL plans to introduce 50 alternative investment products by the end of 2025, expanding its offerings to meet evolving investor needs [3] - Recent product introductions include eight of the top ten ETF providers at no transaction charge and 200 new SMAs for the Model Wealth Portfolios (MWP) platform [3] - LPL Research has launched coverage of active ETFs and added 12 new alternative strategies, including hedge fund and tax deferral strategies [3]

SAN DIEGO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that financial advisors Jeff Minucci, CFP®, and David Ryzman, CFP®, have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported having served approximately $150 million in advisory, brokerage and retirement plan assets* and join LPL from Osaic. For more than 20 years, Minucci and Ryzman have collaborated in various roles within the financial services industry, eventually becoming business partners in t ...

Core Insights - LPL Financial LLC has announced the addition of financial advisors Ken Hutkin and Ron Winkler to its employee advisor channel, Linsco by LPL Financial, where they will establish 57th Street Wealth Advisors, managing approximately $400 million in advisory, brokerage, and retirement plan assets [1][2] Group 1: Company Overview - LPL Financial is a leader in the financial services market, serving over 23,000 financial advisors and approximately 1,000 institutions, emphasizing the importance of personalized guidance for clients [8] - The Linsco employee advisor model offers financial advisors independence, allowing them to own client relationships and operate their practices flexibly [5] Group 2: Advisors' Background - Ken Hutkin brings over 30 years of experience as a business owner and entrepreneur, focusing on tailored financial strategies for professionals and business owners [2] - Ron Winkler has nearly 40 years of experience as the founder and managing partner of Winkler & Co. CPAs, specializing in tax and financial planning [2] Group 3: Team Objectives and Services - The 57th Street Wealth Advisors team aims to provide personalized service and actionable financial plans to guide clients through their financial lives [3] - The team is committed to a holistic, multi-generational financial planning and asset management approach, emphasizing tax-sensitive investment strategies [4] Group 4: Future Aspirations - Hutkin expressed a commitment to setting up their practice for future growth and ensuring business continuity, highlighting LPL's recognized name and resources as beneficial for their clients [6] - Scott Posner from LPL noted that the integration of the 57th Street Wealth Advisors team into LPL's community will empower them to grow their practice on their own terms [6]

Core Insights - LPL Financial reported a total advisory and brokerage assets of $1.56 trillion at the end of August 2024, reflecting a month-over-month increase of $30.8 billion, or 2.0% [1] - The company achieved total net new assets of $6.8 billion in August, with organic net new assets amounting to $6.6 billion, indicating a 5.2% annualized growth rate [2] - Total client cash balances decreased to $43.3 billion, down by $0.7 billion from July 2024, with net buying activity recorded at $12.6 billion [3] Advisory and Brokerage Assets - Advisory assets reached $869.5 billion, up 2.2% from July 2024 and up 27.7% year-over-year [4] - Brokerage assets totaled $690.6 billion, reflecting a 1.8% increase month-over-month and a 17.0% increase year-over-year [4] - Total advisory and brokerage assets increased by 22.7% compared to August 2023 [4] Organic and Acquired Net New Assets - Organic net new advisory assets were $5.4 billion, translating to a 7.7% annualized growth rate [3] - Excluding off-boarded assets, total organic net new advisory assets were $9.1 billion, resulting in a 12.8% annualized growth rate [3] - Acquired net new assets amounted to $0.3 billion, with total net new assets of $6.8 billion for August [4] Client Cash Balances - Total client cash balances decreased by 1.6% month-over-month and 9.2% year-over-year [6] - Insured cash account sweep was $30.4 billion, down 2.3% from July 2024 [5] - Total bank sweep cash decreased to $39.7 billion, a decline of 1.2% from the previous month [5] Market Drivers - The S&P 500 Index closed at 5,648, reflecting a 2.3% increase from July 2024 and a 25.3% increase year-over-year [6] - The Russell 2000 Index decreased by 1.6% month-over-month but increased by 16.7% year-over-year [6] - The Fed Funds daily effective rate remained stable at 533 basis points [6]