LPL Financial (LPLA) Comes Up With Mixed Results For October
Zacks Investment Research | Nov 16, 2017 10:13PM ET
LPL Financial Holdings Inc. (NASDAQ:LPLA) registered total brokerage and advisory assets of $566.4 billion in October 2017, reflecting an increase of 1.1% from the previous month. Of these, brokerage assets were $311.6 billion, while advisory assets were $254.8 billion.
However, LPL Financial’s total net new assets decreased to $0.6 billion in October from $0.9 billion in the prior month.
The company reported $27.7 billion of total client cash sweep balances for October, declining 2.1% from September. Of the total cash balance, $21.5 billion was insured cash, $3.9 billion was deposit cash and the remaining $2.3 billion was money market balance.
Given that global equity markets are gradually stabilizing, trading activities are likely to improve. Also, LPL Financial has been extending its offerings to all affiliated advisors, which is expected to help the company grab greater market share.
LPL Financial’s price performance seems encouraging. Shares of the company have rallied 40% so far this year, outperforming 7% growth for the Zacks Investment Research
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