LPL Financial Reports Improvement In Activity For August
Zacks Investment Research | Sep 20, 2017 09:35PM ET
LPL Financial Holdings Inc. (NASDAQ:LPLA) recorded total brokerage and advisory assets of $551.4 billion in August 2017, up 0.3% from the previous month. Of these, brokerage assets were $306.1 billion while advisory assets were $245.3 billion.
Further, LPL Financial’s total net new assets increased 22.2% from the prior month to $1.1 billion in August.
The company reported $28.3 billion of total client cash sweep balances for August, up 3.7% from July. Of the total cash balance, $22 billion was insured cash, $4 billion was deposit cash and the remaining $2.3 billion was money market balance.
As the global equity markets have been stabilizing gradually, 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 gain greater market share.
LPL Financial’s price performance also seems encouraging. Shares of the company have rallied 38.7% so far this year, outperforming the 1.5% gain for the Zacks Investment Research
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