LPL Financial Reports Monthly Activity for February 2024
March 21 2024 - 4:05PM
LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of
LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today
released its monthly activity report for February 2024.
Total advisory and brokerage assets at the end of February were
$1.40 trillion, an increase of $41.5 billion, or 3.0%,
compared to the end of January 2024.
Total net new assets for February were $6.8 billion,
translating to a 6.0% annualized growth rate. Total net new
advisory assets were $6.4 billion, translating to a 10.4%
annualized growth rate.
Total client cash balances at the end of February were
$46.5 billion, a decrease of $0.8 billion compared to the end
of January 2024. Net buying in February was $13.0 billion.
(End of
period $ in billions, unless noted) |
February |
January |
Change |
February |
Change |
2024 |
2024 |
M/M |
2023 |
Y/Y |
Advisory and Brokerage
Assets |
|
|
|
|
|
Advisory assets |
768.4 |
740.7 |
3.7% |
606.1 |
26.8% |
Brokerage assets |
634.9 |
621.1 |
2.2% |
541.7 |
17.2% |
Total Advisory and
Brokerage Assets |
1,403.3 |
1,361.8 |
3.0% |
1,147.8 |
22.3% |
|
|
|
|
|
|
Total Net New
Assets |
|
|
|
|
|
Net new advisory assets |
6.4 |
2.4 |
n/m |
4.3 |
n/m |
Net new brokerage assets |
0.4 |
(0.4) |
n/m |
1.0 |
n/m |
Total Net New
Assets |
6.8 |
2.0 |
n/m |
5.2 |
n/m |
|
|
|
|
|
|
Organic Net New
Assets |
|
|
|
|
|
Net new organic advisory
assets |
6.4 |
2.4 |
n/m |
4.3 |
n/m |
Net new organic brokerage
assets |
0.4 |
(0.4) |
n/m |
1.0 |
n/m |
Total Organic Net New
Assets |
6.8 |
2.0 |
n/m |
5.2 |
n/m |
|
|
|
|
|
|
Net brokerage to advisory
conversions |
1.3 |
1.0 |
n/m |
0.8 |
n/m |
|
|
|
|
|
|
Client Cash
Balances |
|
|
|
|
|
Insured cash account
sweep |
33.2 |
33.7 |
(1.5%) |
40.7 |
(18.4%) |
Deposit cash account
sweep |
9.0 |
8.9 |
1.1% |
10.3 |
(12.6%) |
Total Bank Sweep |
42.2 |
42.6 |
(0.9%) |
51.0 |
(17.3%) |
Money market sweep |
2.3 |
2.4 |
(4.2%) |
2.8 |
(17.9%) |
Total Client Cash Sweep Held by Third Parties |
44.5 |
45.0 |
(1.1%) |
53.8 |
(17.3%) |
Client cash account |
2.0 |
2.3 |
(13.0%) |
2.4 |
(16.7%) |
Total Client Cash
Balances |
46.5 |
47.3 |
(1.7%) |
56.2 |
(17.3%) |
|
|
|
|
|
|
Net buy (sell) activity |
13.0 |
12.0 |
n/m |
12.4 |
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Drivers |
|
|
|
|
|
S&P 500 Index (end of
period) |
5,096 |
4,846 |
5.2% |
3,970 |
28.4% |
Russell 2000 Index (end of
period) |
2,055 |
1,947 |
5.5% |
1,897 |
8.3% |
Fed Funds daily effective rate
(average bps) |
533 |
533 |
—% |
457 |
16.6% |
|
|
|
|
|
|
For additional information regarding these and other LPL
Financial business metrics, please refer to the Company’s most
recent earnings announcement, which is available in the quarterly
results section of investor.lpl.com.
Contacts
Investor Relationsinvestor.relations@lplfinancial.com
Media Relationsmedia.relations@lplfinancial.com
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the
principle that the firm should work for advisors and institutions,
and not the other way around. Today, LPL is a leader in the markets
we serve, serving more than 22,000 financial advisors, including
advisors at approximately 1,100 institutions and at approximately
570 registered investment advisor (“RIA”) firms nationwide. We are
steadfast in our commitment to the advisor-mediated model and the
belief that Americans deserve access to personalized guidance from
a financial professional. At LPL, independence means that advisors
and institution leaders have the freedom they deserve to choose the
business model, services and technology resources that allow them
to run a thriving business. They have the flexibility to do
business their way. And they have the freedom to manage their
client relationships because they know their clients best. Simply
put, we take care of our advisors and institutions, so they can
take care of their clients.
Securities and Advisory services offered through LPL Financial
LLC (“LPL Financial”), a registered investment advisor. Member
FINRA/SIPC. LPL Financial and its affiliated companies provide
financial services only from the United States.
Throughout this communication, the terms “financial advisors”
and “advisors” are used to refer to registered representatives
and/or investment advisor representatives affiliated with LPL
Financial.
We routinely disclose information that may be important to
shareholders in the “Investor Relations” or “Press Releases”
section of our website.
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