Morning Brief anchor Julie Hyman breaks down the latest financial news for February 9, 2026. Allianz chief economic adviser Mohamed El-Erian discusses the investing themes emerging in the AI space amid market volatility and how investors can look for opportunities amid market volatility, while also commenting on the US economy and this week's labor market data. LPL Financial chief technical strategist Adam Turnquist also examines recent market volatility, plus the Dow Jones Industrial Average breaking above ...

Core Insights - LPL Financial LLC has welcomed the financial advisors of Wealth Innovations, LLC to its broker-dealer and Registered Investment Advisor platform, managing approximately $200 million in advisory, brokerage, and retirement plan assets [1][9] Company Overview - Wealth Innovations, based in Richmond, Virginia, is led by Jim LaNeave, who has nearly four decades of experience in leadership and financial planning, alongside team members Marian Crawford, CFP®, and Samuel LaNeave [2] - The team also includes Ashley LaNeave, Jeffery Brallier, Diane Norris, and Janyce LaNeave, primarily serving clients along the Eastern Seaboard, focusing on individuals at or near retirement [2] Service Specialization - Wealth Innovations specializes in comprehensive retirement planning through their SWAN Plan, aimed at helping clients achieve retirement readiness, income preservation, risk mitigation, and legacy planning [3] Client-Centric Approach - The firm emphasizes understanding all aspects of clients' lives, not just their finances, to create personalized plans that allow for a worry-free retirement [4] - The focus is on delivering value through personalized planning and education, ensuring clients feel informed and unpressured [4] Strategic Partnership with LPL - The decision to join LPL was influenced by its robust technology ecosystem and integrated platform, which offers streamlined operations, advanced planning tools, and compliance support [5] - Jim LaNeave highlighted LPL's ability to enhance operational efficiency and client experience while allowing Wealth Innovations to maintain independence [5] Industry Context - LPL Financial Holdings Inc. is one of the fastest-growing wealth management firms in the U.S., supporting over 32,000 financial advisors and approximately 1,200 financial institutions, managing around $2.4 trillion in brokerage and advisory assets for about 8 million Americans [7]

Core Viewpoint - LPL Financial Holdings Inc. is experiencing positive institutional interest and has received an upgrade from Citigroup, indicating a favorable outlook for the company's stock performance [1][2][6]. Institutional Investment - Mutual of America Capital Management LLC increased its investment in LPL Financial by 116.6%, now holding 5,568 shares valued at approximately $1.85 million, reflecting strong institutional confidence [2][6]. - Cullen Frost Bankers Inc. raised its holdings by 9.9%, owning 301 shares valued at $113,000, while Camden National Bank increased its stake by 3.1%, suggesting a positive sentiment among institutional investors [3][6]. Stock Performance - LPL Financial's stock is currently priced at $376.33, showing a 3.25% increase or $11.83, with trading fluctuations between $362.23 and $377.47 [4][6]. - Over the past year, the stock has experienced a high of $403.58 and a low of $262.83, indicating volatility and potential for growth [4]. - The company has a market capitalization of approximately $30.12 billion, highlighting its significant presence in the financial services industry [5].

“The environment that you have right now is that every broker/dealer is fighting tooth and nail to meet their recruiting goals and to continue inorganic growth endlessly,” he added. “Recruiting budgets, they’re for good governance. Every firm has one, but they’re incredibly elastic. When you catch a firm that’s on a wild tear recruiting, there’s a capital partner, or they reset capital even within their own organization to keep it up, because you never know when the sun’s going to go down. So this kind of b ...

Core Insights - LPL Financial Holdings Inc. (LPLA) reported a revenue of $4.91 billion for the quarter ended December 2025, marking a 39.7% increase year-over-year and exceeding the Zacks Consensus Estimate by 2.19% [1] - The earnings per share (EPS) for the quarter was $5.23, up from $4.25 in the same quarter last year, representing an EPS surprise of 8.62% over the consensus estimate [1] Financial Performance Metrics - Total Advisory and Brokerage Assets reached $2,370.50 billion, surpassing the average estimate of $2,341.72 billion [4] - Brokerage Assets were reported at $977.90 billion, slightly below the average estimate of $984.04 billion [4] - Advisory Assets totaled $1,392.70 billion, exceeding the average estimate of $1,357.69 billion [4] - The number of advisors decreased to 32,178, compared to the estimated 32,753 [4] Revenue Breakdown - Revenue from commissions was $1.23 billion, slightly above the average estimate of $1.22 billion, reflecting a year-over-year increase of 27.6% [4] - Service and fee revenue was reported at $180.64 million, exceeding the average estimate of $170.29 million, with a year-over-year growth of 29.9% [4] - Asset-based fees generated $816.07 million, below the estimated $833.46 million, but still showing a 21.8% increase year-over-year [4] - Advisory revenue reached $2.54 billion, surpassing the average estimate of $2.47 billion, with a significant year-over-year increase of 59.4% [4] - Transaction revenue was $75.15 million, slightly below the average estimate of $76.18 million, reflecting a year-over-year increase of 22.1% [4] - Other asset-based revenue was $375.81 million, compared to the average estimate of $382.4 million, with a year-over-year change of 29.2% [4] - Client cash asset-based revenue was $440.25 million, below the average estimate of $457.44 million, showing a year-over-year increase of 16.2% [4] - Trailing commission revenue was $510.72 million, slightly below the average estimate of $521.52 million, with a year-over-year increase of 16.2% [4] Stock Performance - LPL Financial's shares have returned 2.7% over the past month, outperforming the Zacks S&P 500 composite, which saw a change of 0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

分组1 - LPL Financial Holdings Inc. reported quarterly earnings of $5.23 per share, exceeding the Zacks Consensus Estimate of $4.82 per share, and showing an increase from $4.25 per share a year ago, resulting in an earnings surprise of +8.62% [1] - The company achieved revenues of $4.91 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.19%, and up from $3.51 billion year-over-year [2] - LPL Financial has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 2.7% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $5.55 on revenues of $4.95 billion, and for the current fiscal year, it is $23.11 on revenues of $21.03 billion [7] - The Financial - Investment Bank industry, to which LPL Financial belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Financial Data and Key Metrics Changes - LPL Financial reported record adjusted earnings per share (EPS) of $20.09 for the year, with a fourth quarter EPS of $5.23, representing a 23% increase year-over-year [6][12] - Total assets reached a record $2.4 trillion, up 2% from the previous quarter, driven by organic growth and higher equity markets [12][19] - Organic net new assets for Q4 were $23 billion, reflecting a 4% annualized growth rate, while total organic net new assets for the year were $147 billion, or approximately 8% growth [6][12] Business Line Data and Key Metrics Changes - Recruited assets in Q4 amounted to $14 billion, bringing the total for the year to $104 billion [7] - The company maintained a high asset retention rate of 97% for Q4 and over the last 12 months, indicating strong advisor experience and service improvements [8] - Commission advisory fees net of payout were $453 million in Q4, up $27 million from Q3, while client cash revenue was $456 million, up $14 million from Q3 [12][13] Market Data and Key Metrics Changes - The company added approximately $13 billion in assets during Q4 in traditional markets, maintaining industry-leading capture rates of advisors in motion [8] - The overall market environment remains competitive, with elevated advisor movement and retention challenges due to the Commonwealth acquisition [44][66] Company Strategy and Development Direction - LPL Financial aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [7] - The integration of Commonwealth Financial Network is a key strategic priority, with expectations of onboarding in Q4 and a target operating model being developed [9][60] - The company is investing in technology and capabilities to enhance advisor experience and operational efficiency [11][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 90% retention rate for Commonwealth assets, citing the quality of advisors committed to stay [25][29] - The recruiting environment is expected to normalize, with pipelines near record levels, although the timing of conversions may vary based on advisor decision-making processes [42][78] - Management remains optimistic about sustaining mid- to high single-digit growth over the long term, supported by improved advisor capture rates and brand awareness [32][66] Other Important Information - Core G&A expenses for Q4 were $536 million, with full-year Core G&A at $1.852 billion, reflecting efficiency improvements [16] - The company ended Q4 with corporate cash of $470 million and a leverage ratio of 1.95x, indicating a strong capital management position [19] - Share repurchases were paused following the Commonwealth acquisition announcement, with plans to revisit after onboarding [19][99] Q&A Session Summary Question: Commonwealth retention and recruiting outlook - Management reaffirmed confidence in achieving the 90% asset retention target for Commonwealth, highlighting that advisors committed to stay are larger and higher producers [25][29] - The recruiting pipeline is expected to improve as focus shifts back to organic recruiting efforts post-Commonwealth onboarding [31][42] Question: EBITDA contribution and asset growth - Management explained that the estimated run rate EBITDA of $425 million post-integration considers various factors, including interest rate impacts and asset growth [36][37] Question: Growth outlook and recruiting dynamics - Management noted that advisor movement remains tempered compared to historical levels, with the Commonwealth acquisition influencing current recruiting dynamics [41][44] Question: Integration progress with Prudential - Management reported positive growth in advisor headcount and net new assets from Prudential, indicating strong partnership potential for future insurance channel growth [84][86]

Financial Data and Key Metrics Changes - The company achieved record adjusted earnings per share (EPS) of $5.23 in Q4, representing a 23% increase from the previous year [6][12] - Total assets reached a record $2.4 trillion, driven by organic growth and higher equity markets, with organic net new assets of $23 billion, reflecting a 4% annualized growth rate [6][12] - For the full year, total organic net new assets were $147 billion, equating to an approximately 8% growth rate [12] Business Line Data and Key Metrics Changes - Commission and advisory fees net of payout were $453 million in Q4, up $27 million from Q3 [12] - Client cash revenue increased to $456 million, up $14 million from Q3, with client cash balances ending the quarter at $61 billion, up $5 billion sequentially [13] - Transaction revenue for Q4 was $75 million, an increase of $8 million from Q3, driven by increased trading volumes [14] Market Data and Key Metrics Changes - The company maintained a 97% asset retention rate for Q4 and over the last 12 months, indicating strong advisor experience and service delivery [8] - Recruited assets in Q4 totaled $14 billion, contributing to a total of $104 billion for the year [7] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [7] - The acquisition of Commonwealth Financial Network is a significant strategic move, expected to enhance the company's offerings and advisor retention [9][10] - The company is investing in automation and efficiency improvements to enhance the advisor experience and drive operating leverage [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 90% retention rate for Commonwealth assets, citing the quality of advisors committed to stay [25][29] - The recruiting environment remains competitive, with a focus on improving organic growth as pipelines build [44] - Management anticipates that as recruiting activity normalizes, organic growth will pick up, positioning the company for sustained growth [44] Other Important Information - The company ended Q4 with corporate cash of $470 million and a leverage ratio of 1.95x, indicating a strong financial position [19] - Core G&A for Q4 was $536 million, with expectations for continued investment in business efficiencies and growth [16] Q&A Session Summary Question: Concerns about Commonwealth retention rates - Management reaffirmed confidence in achieving the 90% asset retention target, highlighting that advisors committed to stay are larger and higher producers [25][29] Question: Clarification on EBITDA contribution post-acquisition - Management explained that while assets have grown, interest rate cuts and cash sweep dynamics offset potential increases in EBITDA estimates [36] Question: Growth outlook and recruiting dynamics - Management noted that advisor movement remains tempered compared to historical levels, with a focus on transitioning back to regular recruiting as Commonwealth onboarding progresses [41][44] Question: Integration progress with Prudential - Management reported strong growth in Prudential's advisor headcount and positive outcomes from the partnership, indicating potential for further collaborations with other firms [84][86]

Financial Data and Key Metrics Changes - The company reported record adjusted earnings per share (EPS) of $5.23 for Q4 2025, an increase of 23% year-over-year [4][11] - Total assets reached a record $2.4 trillion, driven by organic growth and higher equity markets [4][11] - Organic net new assets for Q4 were $23 billion, representing a 4% annualized growth rate, while total organic net new assets for the year were $147 billion, or approximately 8% growth [4][11] Business Line Data and Key Metrics Changes - Recruited assets in Q4 amounted to $14 billion, bringing the total for the year to $104 billion [5] - The company maintained a 97% asset retention rate for Q4 and the last 12 months, reflecting strong advisor experience enhancements [6][7] - Commission advisory fees net of payout were $453 million, up $27 million from Q3 [11] Market Data and Key Metrics Changes - The company added approximately $13 billion in assets during Q4 in traditional markets, maintaining industry-leading capture rates of advisors in motion [6] - The mix of fixed-rate balances in the ICA portfolio ended the quarter at roughly 55%, within the target range of 50%-75% [12] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [5] - The integration of Commonwealth Financial Network is a key strategic priority, with expectations of onboarding approximately 90% of client assets [8] - The company is investing in technology and operational efficiencies to enhance advisor experience and drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 90% asset retention target for Commonwealth, citing the quality of advisors committed to stay [27] - The recruiting environment remains competitive, with expectations for organic growth to improve as recruiting activity normalizes [41] - The company anticipates a gradual return to more normalized recruiting outcomes, driven by increased win rates in traditional markets [29] Other Important Information - The company ended Q4 with corporate cash of $470 million, down $99 million from Q3, and a leverage ratio of 1.95x [18] - Core G&A for Q4 was $536 million, with expectations for 2026 Core G&A growth of 4.5%-7% [15][16] Q&A Session All Questions and Answers Question: Concerns about Commonwealth retention rates - Management reassured that retention rates are based on committed assets, with over 80% of advisors signed to stay, indicating a strong group of larger, faster-growing advisors [25][28] Question: Clarification on EBITDA contribution post-acquisition - Management explained that while assets have increased, recent interest rate cuts and cash sweeps have offset some expected EBITDA growth, maintaining the estimate at $425 million [34] Question: Outlook on recruiting and organic growth - Management noted that recruiting activity is expected to normalize over the year, with pipelines building towards record levels, but the timing of conversions will depend on advisor decision-making processes [39][41] Question: Progress on Prudential integration - Management highlighted that Prudential's advisor headcount growth has accelerated, and the partnership is yielding positive results, positioning the company well for future collaborations [80][81]

LPL Financial Holdings Inc. Q4 2025 Investor Presentation January 29, 2026 Member FINRA/SIPC Notice to Investors: Safe Harbor Statement Statements in this presentation regarding LPL Financial Holdings Inc.'s (together with its subsidiaries, the "Company") future financial and operating results, growth, plans, priorities, business strategies, capabilities, and outlook, including forecasts and statements relating to the Company's future advisory and brokerage asset levels and mix, organic asset growth, market ...