The following is a summary of the LPL Financial Holdings Inc. (LPLA) Q1 2024 Earnings Call Transcript:
Financial Performance:
LPL Financial reported Q1 total assets of $1.4 trillion, an increase due to solid organic growth and higher equity markets.
First quarter organic net new assets were $17 billion, representing 5% annualized growth.
The recruited assets were reported at a quarterly record of $20 billion, excluding periods of onboarding large institutions.
The Adjusted EPS for the first quarter was $4.21.
Business Progress:
LPL Financial is implementing strategies of horizontal expansion and vertical integration to build market leadership.
The company signed an external deal for their Liquidity and Succession solution, and has plans to acquire Atria Wealth Solutions in the second half of the year.
LPL Financial is prepared to onboard the retail wealth management business of Prudential Financial and Wintrust Financial, adding approximately $66 billion of brokerage and advisory assets by early 2025.
They have closed their first deal in Q1 for advisors not on the LPL platform and have a robust pipeline building up.
LPL also plans on launching two applications for integrating their platform's product manufacturers and the LPL suite into a single experience.
More details: LPL Financial IR
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