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]

Core Insights - LPL Financial LLC has welcomed Bury Financial Group to its broker-dealer, RIA, and custodial platforms, with the latter managing approximately $655 million in advisory, brokerage, and retirement plan assets [1] Company Overview - Bury Financial Group was founded in 1992 by Todd Bury in Youngstown, Ohio, initially operating as a one-man shop before expanding through a partnership with Brian Laraway in 2006 [2] - The firm has evolved into a full-service wealth management company, emphasizing long-term planning and collaboration among advisors [3] Client Relationship and Service Philosophy - The firm prioritizes close relationships with clients, aiming to treat them like family and enhance their quality of life through sound investments and innovative services [4] - Bury Financial Group's partnership with LPL Financial is seen as a strategic move to elevate their practice and provide differentiated service experiences [5] LPL Financial's Commitment - LPL Financial is dedicated to supporting advisors with an open architecture platform that offers flexibility and a wide range of investment products and services [5] - The firm serves over 23,000 financial advisors and is committed to the advisor-mediated model, allowing advisors the freedom to manage client relationships effectively [7]

LPL Financial Holdings Inc.'s (LPLA) solid advisor productivity, recruiting efforts and inorganic expansion initiatives are expected to continue to aid the top line. However, increasing expenses are likely to hurt the company's bottom line in the near term. LPLA's Key Growth Drivers Solid Advisor Productivity: LPLA benefits from its efforts to increase its client base. The company's advisory revenues, which constitute more than 43% of total revenues, witnessed a five-year (2018-2023) compound annual growth ...

Core Insights - LPL Financial LLC has opened a new 43,000-square-foot office in Tempe, Arizona, which will house 300 employees by the end of 2024, with plans for further expansion in the following year [1][2] - The Tempe office will focus on client service and operations, and LPL anticipates adding 700 jobs to the local economy over the next two years, targeting professionals in the growing financial services sector [2][3] - LPL Financial is recognized as one of the fastest-growing firms in wealth management, emphasizing its commitment to regions that nurture top talent, with Tempe being a strategic choice for its expansion [3][4] Company Overview - LPL Financial Holdings Inc. operates as a leader in the financial services market, serving over 23,000 financial advisors across approximately 1,000 institutions and 580 registered investment advisor firms nationwide [3][5] - The company promotes an advisor-mediated model, allowing financial advisors the freedom to choose their business models and manage client relationships effectively [5] - LPL Financial is committed to providing personalized guidance to clients, ensuring that advisors have the necessary resources to thrive in their businesses [5]

SAN DIEGO, Sept. 16, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that financial advisors Kultar S. "Sid" Bindra, CFP®, and Steven Alvarez have joined LPL's employee advisor channel, Linsco by LPL Financial, to launch The Bindra Group. They reported serving approximately $300 million in advisory, brokerage and retirement plan assets* and join LPL from Truist Financial. Based in Tampa, Fla., Bindra's path to wealth management started in college when he worked 56 hours a week selling phones. "I ...

SAN DIEGO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisors Brett Howard, CTFA, AAMS™, APMA™, CRPC™, Marco Rivera, APMA™, Brooks Crissey, CFP®, APMA™, Henry "Hank" DesJardins and Ryan Mason have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported serving approximately $650 million in advisory, brokerage and retirement plan assets,* and join LPL from Ameriprise Financial. Founded in 2017 by Howard and DesJardins, the Apex team has since ...

SAN DIEGO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that private client advisor John Duane and portfolio manager Gregory Giantsos have joined LPL Financial's high-net-worthfocused employee affiliation model, LPL Private Wealth Management, to launch BrookBridge Private Wealth based in Long Island, New York. The team reported having served approximately $700 million in advisory, brokerage and retirement plan assets* and joins LPL from Bank of America Private Bank. A Brooklyn native ...

SAN DIEGO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that financial advisors with Northern Plains Financial have joined LPL Financial's broker-dealer, RIA and custodial platforms. They reported serving approximately $225 million in advisory, brokerage and retirement plan assets* and join LPL from Cetera. Based in Grand Forks, N.D., the firm was founded in 2014 and is led by Michael Elsberry, CFP®, CRPC®, who has nearly 20 years of experience in financial services. In 2021, he was ...