Core Insights - LPL Financial (LPLA) experienced a rise in total brokerage and advisory assets, reaching $2.36 trillion in November 2025, marking a 0.5% increase from the previous month and a 34.3% increase year over year [1][10]. LPLA's November Performance Breakdown - Brokerage assets totaled $977.6 billion, showing a slight increase from October 2025 and a 24.4% year-over-year growth [2]. - Advisory assets amounted to $1.39 trillion, rising 0.8% from the previous month and 42.3% from November 2024 [2]. Organic Net New Assets (NNAs) - Total organic NNAs were reported at $6.7 billion, which included $0.1 billion from First Horizon Bank and $0.3 billion of off-boarded assets due to a planned separation [3]. Client Cash Balances - LPL Financial reported a total client cash balance of $54.6 billion for November 2025, down 0.5% from the prior month but up 8.1% year over year [4]. Company Outlook - The company is expected to maintain strong advisor productivity and recruiting efforts, which will likely support advisory revenues [5]. - There are concerns regarding the performance of capital markets and substantial goodwill on the balance sheet [5]. Stock Performance - Over the past six months, LPLA shares have declined by 6.2%, contrasting with the industry's growth of 22% [6].

Core Inflation Data - The Consumer Price Index (CPI) rose 2.7% year-over-year in November, lower than the expected 3.1% increase [1] - On a core basis, excluding food and energy, prices increased by 2.6% year-over-year, also below the anticipated 3.1% [2] Economic Context - The November inflation data is the first reading since October's report was canceled due to a government shutdown, providing no month-on-month comparisons [2][3] - In September, both headline and core CPI measures had risen by 3% compared to the same month the previous year [3] Federal Reserve Insights - The Federal Reserve aims for a 2% inflation target, with the latest core personal consumption expenditures (PCE) index showing a 2.8% increase year-over-year [4] - Economists predict that inflation pressures may ease as demand cools, potentially allowing the Fed to maintain its current interest rates [4][5] Market Expectations - Bank of America economists suggest that goods inflation may remain persistent due to tariffs, while services inflation could soften, impacting the Fed's decision-making [5] - Current market expectations indicate a 25% chance of a rate cut by the Fed in the upcoming January meeting [5][6]

Inflation Data Summary - Inflation pressures eased more than expected in November, with the Consumer Price Index (CPI) rising 2.7% year-over-year, lower than the anticipated 3.1% increase [1] - On a core basis, which excludes food and energy costs, prices increased by 2.6% year-over-year, also below the expected 3.1% [2] - The November report is significant as it is the first inflation reading since October's report was canceled due to a government shutdown, providing no month-on-month comparisons for consumer prices [2][3] Economic Context - In September, the last month with available inflation data, both headline and core CPI measures rose by 3% compared to the same month the previous year [3] - The November jobs report indicated more job creation than expected, but the unemployment rate reached a four-year high [4] - The Federal Reserve aims for a 2% inflation target, as measured by the core personal consumption expenditures (PCE) index, which showed a 2.8% increase year-over-year in the latest data [4] Market Expectations - Economists at Bank of America predict that goods inflation will remain "sticky" due to tariffs, while services inflation may soften, influenced by health insurance costs [5] - This mixed inflation dynamic is likely to keep the Federal Reserve from making rate cuts at the end of its January meeting, with a current market expectation of a 25% chance of a rate cut next month [5] - The Fed's forecasts indicate it may only cut rates one more time in 2026 after a series of cuts in late 2025 [6]

Group 1 - ANZ forecasts Malaysia's GDP to grow by 4.5% in 2026, driven by strong domestic demand, AI-driven electronic exports, and prudent fiscal policies focusing on tax reform and spending restraint, with the ringgit expected to strengthen to 4.00 against the USD by year-end [1] - Maybank Securities predicts the Philippine peso may weaken in the second half of 2026 due to a stronger USD and ongoing domestic negative factors, including corruption scandals affecting government spending and foreign investment confidence, potentially leading to an additional 50 basis points rate cut by the central bank [1] - LPL Financial's chief economist suggests that current inflation above target is temporary, with demand cooling in the coming months expected to ease price pressures, providing relief for the market [1] Group 2 - Bank of America notes that tariffs are raising goods inflation while healthcare factors may lead to a slowdown in services inflation, potentially prompting the Federal Reserve to maintain rates in January [2] - Bank of America highlights India as a leading AI consumer market due to low data costs and a large young population, although local startups face increased competition from international giants [2] - Yuanta Bank's economist emphasizes that relying solely on non-core measures will not curb the depreciation of the Korean won, urging authorities to take substantial actions to stabilize the currency [2] Group 3 - Zerohedge reports that large withdrawals from JPMorgan are disrupting liquidity across the U.S., reminiscent of the 2019 repo market crisis, prompting the Federal Reserve to consider "light QE" measures [3] - State Street indicates that the recent weakness of the USD is primarily due to U.S. investors significantly reducing their overseas investment currency hedging, rather than foreign capital increasing U.S. asset holdings [3]

Core Insights - The latest 13F filing from Lone Pine Capital indicates significant portfolio adjustments, particularly in large-cap technology, consumer platforms, and financial services, reflecting a more risk-balanced approach as year-end approaches [1] Portfolio Adjustments - **Meta Platforms Inc. (META)**: Reduced by 342,757 shares (20.59%), maintaining a substantial holding worth over $971 million, indicating profit-taking rather than a loss of conviction [2] - **Vistra Corp (VST)**: Trimmed by 1,770,478 shares (27.37%), likely locking in gains after significant appreciation driven by power-generation strength [3] - **Taiwan Semiconductor (TSM)**: Reduced by 383,520 shares (11.16%), remaining a core holding valued at $852 million amid cyclical uncertainty [4] - **AppLovin (APP)**: Reduced by 152,196 shares (12.07%), reflecting portfolio resizing rather than a fundamental shift [5] - **Microsoft Corp (MSFT)**: Trimmed by 646,251 shares (34.84%), still representing a large stake of $625 million, indicating profit-taking [10] - **Amazon.com Inc. (AMZN)**: Reduced by 2,221,628 shares (44.14%), with a remaining position valued at $617 million, reflecting reallocation within mega-cap tech [11] - **Capital One Financial (COF)**: Reduced by 511,142 shares (16.59%) following strong performance [12] - **KKR & Co (KKR)**: Trimmed by 1,141,208 shares (21.85%), appearing valuation-driven after appreciation [13] Notable Increases - **LPL Financial Holdings (LPLA)**: Increased by 383,466 shares (20.48%), expanding the position to $750 million, reflecting confidence in its scalable advisor platform [6] - **Philip Morris (PM)**: Increased by 1,856,749 shares (67.33%), bringing the position to $748 million, aligning with a strategy of investing in stable, cash-rich companies [7] - **Brookfield Corp (BN)**: Increased by 4,559,963 shares (81.12%), indicating a belief in the stock's undervaluation relative to its diversified asset management ecosystem [8] - **Broadcom Inc. (AVGO)**: New position established with 1,549,412 shares (100.00%), indicating a strong belief in AI infrastructure growth [14] Strategic Themes - **Selective Trimming of Mega-Cap Tech Winners**: Reductions in META, MSFT, AMZN, and TSM reflect disciplined risk management after substantial rallies, moderating concentration risk while maintaining core positions [15] - **Reallocation Toward Cash-Heavy Compounders**: Additions to PM, BN, and LPLA emphasize resilient earnings profiles and attractive valuations [16] - **New Conviction Bet on AI Infrastructure via Broadcom**: The initiation of a large AVGO position signals confidence in the accelerating demand for AI hardware [17] - **Active, High-Conviction Portfolio Rotation**: Lone Pine's approach involves selectively trimming oversized winners and reallocating to durable cash-flow engines while initiating new positions in strong long-term fundamentals [18] Summary - Lone Pine Capital's Q3 2025 13F reveals a portfolio recalibration focused on reducing oversized mega-cap exposures, reinforcing durable cash generators, and launching a significant new position in Broadcom to capture AI-infrastructure tailwinds, resulting in a portfolio geared toward long-term growth while balancing risk as year-end volatility approaches [19]

Investment Overview - Merchant Investment Management, a New York-based private partnership, has made a minority investment in Las Olas Capital Advisors, a broker/dealer and registered investment advisor based in Fort Lauderdale, Florida [1] - Las Olas Capital Advisors has nearly $387 million in assets under management as per its latest Form ADV [2] Company Background - Las Olas was founded in 2015 by Jodi and Paul Tanner, who previously owned the firm through their parent company, Doris Investments [2] - The firm has operated its own broker/dealer since 2018 after the expulsion of its previous broker/dealer, Capital Guardian, from FINRA [2] Previous Investments - Merchant Investment Management also disclosed a previous minority stake in Kathmere Capital Management, which has grown from $1.8 billion to $3.4 billion in assets since the partnership began in 2024 [3] - Kathmere Capital was founded in 2015 and previously affiliated with Private Advisor Group before launching its own RIA in 2019 [3] Growth and Recognition - Kathmere Capital gained national attention earlier this year when CEO Michael McDermott served as the playing "Marker" at The Masters Golf Tournament, a unique achievement for a CEO of a small investment advisory firm [4] - Merchant's lifecycle equity approach allows firms to maintain independence while accessing a world-class team and capital for expansion [5] Additional Services - Merchant provides not only growth capital but also resources and access to a network of independent advisory and financial services firms, including adjacent services like trust and tax services [6]

Core Insights - Veater Financial Group has transitioned from Osaic's 1099 independent broker/dealer model to the W-2 employee channel to enhance growth and succession planning [2][3] - The firm, founded in 2012 by George Veater, manages approximately $1.1 billion in assets and has a history of moving between broker/dealer affiliations [2][3] - Osaic's W-2 channel is positioned to attract advisors interested in the RIA fiduciary model, with significant assets under management and a strategic focus on fee-only or hybrid options [4][5] Company Transition - Veater Financial will maintain its brand while transitioning its three advisors and four support staff to the W-2 employee model [3] - The move is part of a broader trend, with other practices like Schaible Russo Financial and Virtus Wealth Solutions also joining Osaic's W-2 channel [7] Osaic's Strategy - Osaic's W-2 channel reported approximately $57 billion in client assets and an additional $24 billion in the pipeline as of September [5] - The overall independent broker/dealer has $760 billion in assets across various affiliation models, indicating a robust market presence [5] - Osaic CEO Jamie Price emphasizes the importance of the W-2 advisor channel in capturing advisor interest and enhancing operational infrastructure for growth [4][6]

Leadership Changes - OnePoint BFG Wealth Partners has strengthened its senior leadership team by adding four new executives, including Alex Mostovoi as CFO, who previously served as COO and CFO at Emigrant Partners [1][2] - Carlos Noriega has been appointed as executive director of advisor solutions, a newly created role, coming from Morgan Stanley [2] - Molly McClure joins as executive director of marketing, previously with Intelliflo, and Zoie Silver has been appointed as executive director of advisor experience, coming from Beacon Trust [3] Company Growth and Acquisitions - OnePoint BFG recently acquired Spahn Financial Partners, a Chicago-based advisory practice with $2 billion in assets under management, marking its largest deal to date and increasing total client assets to over $15 billion [4] - The firm has added more than 40 team members this year, reflecting its growth strategy [3] Rebranding and Strategic Direction - OnePoint BFG rebranded over the summer to emphasize its role as a comprehensive financial services provider, transitioning from its previous name, Bleakley Financial Group [5] - Following the investment from Rise Growth Partners, OnePoint has launched an equity program for advisors and shifted towards fee-based services by dropping its brokerage affiliation with LPL Financial [6]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Bill Morrissey, the head of the independent channel at Atria Wealth Solutions, has exited the firm, as LPL Financial continues to integrate the business in the wake of its acquisition, according to regulatory filings.  In recent months, LPL has been pruning Atria’s executive ranks via layoffs, according to published reports. Morrissey and an LPL spokeswoman did not return requests for comm ...

Core Viewpoint - Storen Financial has launched a new registered investment advisor (RIA) named Storen Legacy Partners, set to begin operations on January 1, 2026, with support from Dynasty Financial Partners [1][2]. Group 1: Company Background - Storen Financial, based in Zionsville, Indiana, manages $500 million in assets and was founded in 1966 as a tax preparation firm by Pat Storen [1][5]. - The firm currently prepares over 5,000 tax returns and serves clients across 43 states [5]. - The leadership team includes Greg and Kim Storen, who took over the business in 2009 after Pat Storen's retirement [5]. Group 2: New RIA Details - The new RIA, Storen Legacy Partners, will utilize Dynasty for operational and back-office support, as well as investment management capabilities [4]. - Charles Schwab has been selected for custody services, allowing access to a suite of institutional-quality services [4]. - Greg Storen expressed excitement about implementing new technologies and investment models to enhance client communication [3]. Group 3: Previous Affiliations - Prior to launching the new RIA, Storen Financial was affiliated with LPL Financial and Brass Tax Wealth Management, which was recently acquired by Waverly Advisors [2]. - It remains unclear if Storen Legacy Partners will maintain any ties to LPL Financial [3]. Group 4: Team Composition - The Storen team comprises 38 staff members, including five financial advisors and eight tax accountants [5].