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].